Guideline Value for BHINACI STREET

Bhinaci Street guideline value

The current guideline value of Bhinaci Street in Thiruvanmiyur village is Rs 7,150 per sq.ft, as per the 2024 revision effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Bhinaci Street has changed

The guideline value for Bhinaci Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 732 per sq.ft. In 2003, it increased to Rs 810 per sq.ft, marking an 11% rise. The value continued to rise significantly, reaching Rs 1,300 per sq.ft in 2007, which was a 60% increase from the previous year. The 2012 revision saw the value at Rs 6,500 per sq.ft, reflecting a substantial 400% increase from 2007. However, the subsequent revision in 2017 brought it down to Rs 4,355 per sq.ft, a decrease of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 6,500 per sq.ft, representing a 49% rise. The most recent revision in 2024 set the value at Rs 7,150 per sq.ft, which is a 10% increase from 2023. There are no figures available for the revisions in years other than those mentioned.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 3,520 to Rs 12,660 per sq.ft as of 2024. The median guideline value for these streets is Rs 9,900 per sq.ft, placing Bhinaci Street's 2024 figure below that median.

• Bharathi Street (Lakshmipuram 4th Street): Rs 7,150 per sq.ft (2024)
• Bharathi Nagar: Rs 7,150 per sq.ft (2024)
• Bharathidasan Street: Rs 7,150 per sq.ft (2024)
• Canal Bank Road: Rs 7,150 per sq.ft (2024)
• Canal Road (Canal Salai): Rs 7,150 per sq.ft (2024)
• Central Govt Employee Housing Colony: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Bhinaci Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,150 per sq.ft, the guideline value totals Rs 71,50,000. The stamp duty at 7% would be Rs 5,00,500, and the registration fee at 2% would amount to Rs 1,43,000, bringing the total to Rs 6,43,500. 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 details.

Which Sub Registrar Office covers Bhinaci Street?

Bhinaci 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 Thiruvanmiyur

The guideline value is a crucial factor in the registration process when buying or selling property in Thiruvanmiyur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized valuation of the property.

When a property transaction occurs, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. 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 Bhinaci Street?

The current guideline value of Bhinaci Street is Rs 7,150 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 732 per sq.ft in 2002 to Rs 7,150 per sq.ft in 2024, which is an overall increase of 877%.

What is the land classification of Bhinaci Street?

Bhinaci Street is classified as Residential Class IV Type - I, indicating its designation for residential use.

What are the stamp duty rates for property in Bhinaci Street?

The stamp duty rate for property transactions in Bhinaci Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles the registration for Bhinaci Street?

The registration for Bhinaci Street is handled by the Chennai South Joint I Sub Registrar Office, located in Fanepet Nandanam, Chennai.