Guideline Value for BHEL NAGAR 2ND STREET

Bhel Nagar 2nd Street guideline value

The current guideline value of Bhel Nagar 2nd 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 Street has changed

Over the years, the guideline value of Bhel Nagar 2nd Street has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. This marked a significant drop of 33%. However, from 2017 to 2023, the value increased by 49% to reach Rs 3,000 per sq.ft. The most recent revision in 2024 has raised the guideline value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for Bhel Nagar 2nd Street in the revisions for the years 2002, 2003, and 2007. 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, placing Bhel Nagar 2nd Street above this median.

• Bhel Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 1st Cross 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 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, leading to a total of 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 the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Bhel Nagar 2nd Street?

The Sub Registrar Office that covers Bhel Nagar 2nd Street is 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 details.

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

The guideline value plays a crucial role in the registration of property transactions in Medavakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than fluctuating market prices.

When buying or selling property, the guideline value is used to determine the minimum price at which the property can be registered. This helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

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

The current guideline value of Bhel Nagar 2nd 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 a significant increase over the years.

What are the other streets in Medavakkam with the same guideline value?

Other streets in Medavakkam that share the same guideline value of Rs 3,300 per sq.ft include Bhel Nagar 2nd Cross Street, Bhel Nagar 3rd Street, Bhel Nagar 1st Street, Bhel Nagar 4th Street, Bhel Nagar 1st Cross Street, and Bhel Nagar 5th Street.

What is the registration fee for property in Bhel Nagar 2nd Street?

The registration fee for property in Bhel Nagar 2nd Street is 2% of the guideline value. For a plot valued at Rs 33,00,000, the registration fee would be Rs 66,000.

Where can I find the Sub Registrar Office for Bhel Nagar 2nd Street?

The Sub Registrar Office for Bhel Nagar 2nd Street is 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.