Guideline Value for BHEL NAGAR 2ND CROSS STREET

Bhel Nagar 2nd Cross Street guideline value

The current guideline value of Bhel Nagar 2nd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Bhel Nagar 2nd Cross Street has changed

Over the years, the guideline value of Bhel Nagar 2nd Cross Street has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 brought the value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year’s figure of Rs 3,000 per sq.ft.

The register has no figures for the years 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 with a 2024 guideline value range from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, positioning Bhel Nagar 2nd Cross Street above this median.

• Bhel Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 1st Cross 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 2nd 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 would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Bhel Nagar 2nd Cross Street?

Bhel Nagar 2nd Cross Street falls under 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 property transactions in Medavakkam, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate the applicable stamp duty and registration fees.

When registering a property, the guideline value serves as a benchmark for assessing the transaction's legitimacy. It helps in preventing undervaluation and ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bhel Nagar 2nd Cross Street?

The current guideline value of Bhel Nagar 2nd 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, 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 of Bhel Nagar 2nd Cross Street?

Bhel Nagar 2nd Cross Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where is the Sub Registrar Office for Bhel Nagar 2nd Cross Street located?

The Sub Registrar Office for Bhel Nagar 2nd Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Bhel Nagar 2nd Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000, leading to a stamp duty of Rs 2,31,000.