Guideline Value for BHEL NAGAR 1ST CROSS STREET

Bhel Nagar 1st Cross Street guideline value

The current guideline value of Bhel Nagar 1st Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Bhel Nagar 1st Cross Street has changed

The guideline value for Bhel Nagar 1st Cross Street has seen several revisions over the years. The earliest available figure is from 2012, where it was set at Rs 3,000 per sq.ft. This figure was revised to Rs 2,010 per sq.ft in 2017, reflecting a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 3,000 per sq.ft. The most recent revision in 2024 has further raised the guideline value to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, indicating that Bhel Nagar 1st Cross Street's 2024 figure is above this median.

• Bhel Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 5th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bhel Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value is Rs 33,00,000. The stamp duty at 7% amounts to Rs 2,31,000, and the registration fee at 2% is Rs 66,000, bringing the total cost together to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bhel Nagar 1st Cross Street?

Bhel Nagar 1st Cross Street is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

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

When a property transaction occurs, the guideline value ensures that the government receives the appropriate taxes. Buyers and sellers must be aware of the guideline value to understand the financial implications of their property transactions in Medavakkam.

Frequently asked questions

What is the current guideline value of Bhel Nagar 1st Cross Street?

The current guideline value of Bhel Nagar 1st Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing significant fluctuations over the years.

What is the land classification for Bhel Nagar 1st Cross Street?

The land classification for Bhel Nagar 1st Cross Street is Commercial Class I Type - II, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for a property in Bhel Nagar 1st Cross Street?

The stamp duty for a property valued at Rs 33,00,000 is Rs 2,31,000, and the registration fee is Rs 66,000, totaling Rs 2,97,000. These fees are based on the guideline value.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers Bhel Nagar 1st Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.