Guideline Value for BHAVANI NAGAR

Bhavani Nagar guideline value

The current guideline value of Bhavani Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO, classified as Residential Class III Type - III.

How the guideline value of Bhavani Nagar has changed

The guideline value for Bhavani Nagar has undergone several revisions since 2002. The earliest recorded figure was Rs 124 per sq.ft in 2002, which increased significantly to Rs 375 per sq.ft in 2007, marking a 202% rise. Following this, the value surged to Rs 1,500 per sq.ft in 2012, reflecting a remarkable 300% increase from the previous revision.

In 2017, the guideline value was set at Rs 1,005 per sq.ft, indicating a decrease of 33% from the 2012 figure. The most recent revision in 2024 brought the value back up to Rs 1,600 per sq.ft, a 59% increase from 2017. Overall, from 2002 to 2024, the guideline value has increased by 1190%. The register has no figures for the years 2023 and 2003 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Bhavani Nagar's 2024 figure below this median.

• Bhoopathi Nagar: Rs 2,900 per sq.ft (2024)
• Bharathrathna Rajigandhi Nagar (Kallikuppam): Rs 1,600 per sq.ft (2024)
• Bharath Nagar Extension: Rs 2,500 per sq.ft (2024)
• Bharath Nagar: Rs 2,500 per sq.ft (2024)
• Bharathi Street: Rs 1,300 per sq.ft (2024)
• Brahmin Street: Rs 2,700 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 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bhavani Nagar?

The Sub Registrar Office that covers Bhavani Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

When a property is registered, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for both the buyer and the seller. This system aims to maintain transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Bhavani Nagar?

The current guideline value of Bhavani Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 124 per sq.ft to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 1190% over the years.

What is the land classification of Bhavani Nagar?

Bhavani Nagar is classified as Residential Class III Type - III, which denotes its suitability for residential development.

Where can I find the Sub Registrar Office for Bhavani Nagar?

The Sub Registrar Office for Bhavani Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For instance, a property valued at Rs 16,00,000 would incur a stamp duty of Rs 1,12,000 and a registration fee of Rs 32,000.