Guideline Value for BHAVANI NAGAR

Bhavani Nagar guideline value

The current guideline value for Bhavani Nagar, located in Kovilkuppam village under the Manavalanagar SRO, is Rs 350 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - II land classification.

How the guideline value of Bhavani Nagar has changed

The guideline value for Bhavani Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 350 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 234 per sq.ft, marking a decrease of 33%. However, from 2017 to 2023, the value increased by 50%, bringing it back to Rs 350 per sq.ft. The 2024 revision has kept the value at Rs 350 per sq.ft, showing no change from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Thus, the only revisions available are from 2012, 2017, 2023, and the current revision in 2024.

Guideline values in Kovilkuppam

Kovilkuppam village has a total of 68 streets under the Manavalanagar SRO, with the 2024 guideline values ranging from Rs 300 to Rs 800 per sq.ft. The median value for these streets is Rs 350 per sq.ft, which is equal to the current guideline value for Bhavani Nagar.

• Brittania Nagar: Rs 300 per sq.ft (2024)
• Chinnasamy Avenue: Rs 300 per sq.ft (2024)
• Bala Murugan Nagar: Rs 300 per sq.ft (2024)
• Balaji Avenue: Rs 450 per sq.ft (2024)
• D.N.S.nagar: Rs 301 per sq.ft (2024)
• D.N.S.nagar Phaase I: Rs 375 per sq.ft (2024)

Stamp duty and registration fee for property in Bhavani Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 350 per sq.ft, the total guideline value would be Rs 3,50,000. The stamp duty at 7% would amount to Rs 24,500, and the registration fee at 2% would be Rs 7,000, bringing the total cost for these fees to Rs 31,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers Bhavani Nagar?

The Sub Registrar Office that covers Bhavani Nagar is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Kovilkuppam

The guideline value is a crucial factor during the registration of property transactions in Kovilkuppam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government collects appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the baseline value of the property. It is essential for buyers to be aware of this value to avoid overpaying and for sellers to set realistic expectations during negotiations.

Frequently asked questions

What is the current guideline value of Bhavani Nagar?

The current guideline value of Bhavani Nagar is Rs 350 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent revision in 2024 maintaining the value at Rs 350 per sq.ft, unchanged from 2023. The value decreased to Rs 234 per sq.ft in 2017 from Rs 350 per sq.ft in 2012.

What is the land classification for Bhavani Nagar?

Bhavani Nagar falls under the Residential Class II Type - II land classification.

What are the stamp duty and registration fees for property in Bhavani Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 3,50,000, the total fees would amount to Rs 31,500.

Which office handles property registrations in Bhavani Nagar?

The Manavalanagar Sub Registrar Office handles property registrations for Bhavani Nagar, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.