Guideline Value for BHUVANESHWARI NAGAR 11th Cross Street

BHUVANESHWARI NAGAR 11th Cross Street guideline value

The current guideline value of BHUVANESHWARI NAGAR 11th Cross Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO and is classified as Residential Class III Type - II.

How the guideline value of BHUVANESHWARI NAGAR 11th Cross Street has changed

Since the 2007 revision, the guideline value has seen significant changes. In 2007, the value was Rs 350 per sq.ft, which increased dramatically to Rs 2,250 per sq.ft in 2012, marking a rise of 543%. However, from 2012 to 2017, the value decreased to Rs 1,507 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 2,250 per sq.ft in 2023, representing a 49% increase. Finally, the current value of Rs 2,500 per sq.ft in 2024 shows an increase of 11% from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 6,600 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of BHUVANESHWARI NAGAR 11th Cross Street is above this median.

• BHUVANESHWARI NAGAR 10th Cross Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR 12th Cross Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR 13th Cross Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR 1st Cross Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR 2nd Cross Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR 3rd Cross Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in BHUVANESHWARI NAGAR 11th Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the 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, totaling Rs 2,25,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers BHUVANESHWARI NAGAR 11th Cross Street?

The Sub Registrar Office that covers BHUVANESHWARI NAGAR 11th Cross 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 serves as a benchmark for determining the minimum sale price of a property in Nerkundram. When registering a property transaction, buyers and sellers must adhere to this value to ensure compliance with local regulations.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of BHUVANESHWARI NAGAR 11th Cross Street?

The current guideline value of BHUVANESHWARI NAGAR 11th Cross 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 significantly from Rs 350 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 614% over the years.

What is the land classification for BHUVANESHWARI NAGAR 11th Cross Street?

BHUVANESHWARI NAGAR 11th Cross Street is classified as Residential Class III Type - II.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 2,25,000 in fees.

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

The Virugambakkam Sub Registrar Office covers BHUVANESHWARI NAGAR 11th Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.