Guideline Value for BHEL NAGAR 5TH STREET

Bhel Nagar 5th Street guideline value

The current guideline value of Bhel Nagar 5th 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, classified as Commercial Class I Type - II.

How the guideline value of Bhel Nagar 5th Street has changed

The guideline value for Bhel Nagar 5th Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 3,000 per sq.ft, and the most recent 2024 revision has set the value at Rs 3,300 per sq.ft. There are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The transition from 2023 to 2024 reflects a 10% increase, bringing the overall change from 2012 to 2024 to a 10% rise in value.

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, making the 2024 figure for Bhel Nagar 5th Street above this median.

• Bhel Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar Anna Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar Sairam Nagar Annex Salai: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bhel Nagar 5th 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, bringing the total fees to 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 calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhel Nagar 5th Street?

Bhel Nagar 5th 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 an essential factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable fees. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Bhel Nagar 5th Street?

The current guideline value of Bhel Nagar 5th 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 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024. There are no figures available for the revisions in 2002, 2003, and 2007.

What is the land classification of Bhel Nagar 5th Street?

Bhel Nagar 5th Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000. The fees are based on the higher of the guideline value or the sale price.

Which office handles registrations for Bhel Nagar 5th Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Bhel Nagar 5th Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.