Guideline Value for BHUVANESHWARI NAGAR Vinayagam Street

BHUVANESHWARI NAGAR Vinayagam Street guideline value

The current guideline value for BHUVANESHWARI NAGAR Vinayagam Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO, classified as Residential Class III Type - II.

How the guideline value of BHUVANESHWARI NAGAR Vinayagam Street has changed

The guideline value for BHUVANESHWARI NAGAR Vinayagam Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,250 per sq.ft, which was then reduced to Rs 1,507 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 2,250 per sq.ft, with the most recent revision in 2024 raising it further to Rs 2,500 per sq.ft. The register has no figure for this street for the years 2002, 2003, and 2007.

Looking at the changes, from 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The transition from 2023 to 2024 shows an increase of 11%. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing BHUVANESHWARI NAGAR Vinayagam Street above this median.

• BHUVANESHWARI NAGAR Thandai Periyar Street & Meenakshi Street: Rs 2,500 per sq.ft (2024)
• Bhuvaneshwari Nagar - Sheela Mohan Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR Seeni Bai Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR Lakshmanan Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR Ganapathy Street: Rs 2,750 per sq.ft (2024)
• BHUVANESHWARI NAGAR Dr.Abdul Kalam Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in BHUVANESHWARI NAGAR Vinayagam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers BHUVANESHWARI NAGAR Vinayagam Street?

The Sub Registrar Office that covers BHUVANESHWARI NAGAR Vinayagam Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

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 duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for BHUVANESHWARI NAGAR Vinayagam Street?

The current guideline value for BHUVANESHWARI NAGAR Vinayagam Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,250 per sq.ft in 2012 to Rs 1,507 per sq.ft in 2017, then back to Rs 2,250 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification for this street?

BHUVANESHWARI NAGAR Vinayagam Street is classified as Residential Class III Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for BHUVANESHWARI NAGAR Vinayagam Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 at 7%.