Guideline Value for BHEL NAGAR 3RD STREET

Bhel Nagar 3rd Street guideline value

The current guideline value of Bhel Nagar 3rd 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 3rd Street has changed

The guideline value of Bhel Nagar 3rd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the most recent 2024 revision brought it to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has increased 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 with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Bhel Nagar 3rd Street's 2024 figure above this median.

• Bhel Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar Anna Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bhel Nagar 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees would total Rs 2,97,000. It is important to note that 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 details.

Which Sub Registrar Office covers Bhel Nagar 3rd Street?

Bhel Nagar 3rd 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 crucial factor in the registration process for property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Bhel Nagar 3rd Street?

The current guideline value of Bhel Nagar 3rd 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 are the registration fees for property in Bhel Nagar 3rd Street?

For a 1,000 sq.ft plot, the total registration fees would amount to Rs 2,97,000, which includes a stamp duty of Rs 2,31,000 and a registration fee of Rs 66,000.

Which office handles property registrations for Bhel Nagar 3rd Street?

The Chennai South Joint I Sub Registrar Office handles property registrations for Bhel Nagar 3rd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification for Bhel Nagar 3rd Street?

The land classification for Bhel Nagar 3rd Street is Commercial Class I Type - II, indicating its suitability for commercial activities.