Guideline Value for BHEL NAGAR 1ST STREET

Bhel Nagar 1st Street guideline value

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

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

The guideline value for Bhel Nagar 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision. Subsequently, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the most recent 2024 revision has raised it to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has risen by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 value is Rs 2,200 per sq.ft, and Bhel Nagar 1st Street's 2024 guideline value is above this median.

• Bhel Nagar 1st Cross 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these fees 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 use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Bhel Nagar 1st Street?

Bhel Nagar 1st 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 plays a crucial role during the registration of property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling a property.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is officially recorded and that the necessary taxes are paid. This process is essential for maintaining transparency and legality in property dealings.

Frequently asked questions

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

The current guideline value of Bhel Nagar 1st 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.

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

Bhel Nagar 1st Street is classified as Commercial Class I Type - II, indicating its use for commercial purposes.

Where can I find the Sub Registrar Office for Bhel Nagar 1st Street?

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

How do stamp duty and registration fees work?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. These fees are essential for the legal registration of property transactions in Medavakkam.