Guideline Value for BHUVANESHWARI NAGAR 2nd Cross Street

BHUVANESHWARI NAGAR 2nd Cross Street guideline value

The current guideline value for BHUVANESHWARI NAGAR 2nd 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, classified as Residential Class III Type - II.

How the guideline value of BHUVANESHWARI NAGAR 2nd Cross Street has changed

The guideline value for BHUVANESHWARI NAGAR 2nd Cross Street has undergone several revisions over the years. In 2007, the value was Rs 350 per sq.ft, which increased significantly to Rs 2,250 per sq.ft in 2012. However, it then decreased to Rs 1,507 per sq.ft in 2017. The value rose again to Rs 2,250 per sq.ft in 2023 before reaching the current rate of Rs 2,500 per sq.ft in 2024. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%, followed by an 11% rise from 2023 to 2024. The value saw a drastic increase of 543% from 2007 to 2012, but a decrease of 33% from 2012 to 2017. Overall, from 2007 to 2024, the guideline value has increased by 614%.

Guideline values in Nerkundram

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

• BHUVANESHWARI NAGAR 3rd Cross Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR 1st Cross Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR 13th Cross Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR 4th Cross Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR 12th Cross Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR 11th Cross Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in BHUVANESHWARI NAGAR 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total to Rs 2,25,000. Duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers BHUVANESHWARI NAGAR 2nd Cross Street?

The Sub Registrar Office that covers BHUVANESHWARI NAGAR 2nd 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 is a crucial factor in the registration process when buying or selling property in Nerkundram. It determines the minimum value at which a property can be registered and is used to calculate stamp duty and registration fees.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value for BHUVANESHWARI NAGAR 2nd Cross Street?

The current guideline value for BHUVANESHWARI NAGAR 2nd 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 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 this street?

BHUVANESHWARI NAGAR 2nd Cross Street is classified as Residential Class III Type - II.

Where can I find the registration office for this area?

The registration office for BHUVANESHWARI NAGAR 2nd Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for property transactions?

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