Guideline Value for BHOOPATHI NAGAR

Bhoopathi Nagar guideline value

The current guideline value of Bhoopathi Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Class II Type - II.

How the guideline value of Bhoopathi Nagar has changed

Over the years, the guideline value of Bhoopathi Nagar has seen significant changes. The 2007 revision recorded a guideline value of Rs 375 per sq.ft, which then increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 620%. However, from 2012 to 2017, the value decreased to Rs 1,809 per sq.ft, reflecting a decline of 33%. The value then rose to Rs 2,700 per sq.ft in 2023, a 49% increase from the previous revision. As of the 2024 revision, the guideline value stands at Rs 2,900 per sq.ft, representing a 7% increase from 2023.

The register has no figure for Bhoopathi Nagar for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 673%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, making the current value of Bhoopathi Nagar above this median.

• Bhavani Nagar: Rs 1,600 per sq.ft (2024)
• Bharathrathna Rajigandhi Nagar (Kallikuppam): Rs 1,600 per sq.ft (2024)
• Bharath Nagar Extension: Rs 2,500 per sq.ft (2024)
• Bharath Nagar: Rs 2,500 per sq.ft (2024)
• Brahmin Street: Rs 2,700 per sq.ft (2024)
• Bharathi Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bhoopathi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,900 per sq.ft, the guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, making the total Rs 2,61,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bhoopathi Nagar?

Bhoopathi Nagar is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Korattur. It serves as a baseline for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to 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.

Frequently asked questions

What is the current guideline value of Bhoopathi Nagar?

The current guideline value of Bhoopathi Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 375 per sq.ft in 2007 to Rs 2,900 per sq.ft in 2024, reflecting an overall increase of 673% over the years.

What is the land classification for Bhoopathi Nagar?

Bhoopathi Nagar is classified as Residential Class II Type - II, which indicates its suitability for residential development.

What are the stamp duty and registration fees for a property in Bhoopathi Nagar?

For a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000 and the registration fee would be Rs 58,000, totaling Rs 2,61,000.

Which office handles property registration for Bhoopathi Nagar?

The Villivakkam Sub Registrar Office handles property registration for Bhoopathi Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.