Guideline Value for BRIGHT GARDEN

Bright Garden guideline value

The current guideline value of Bright Garden in Kurumpirai village is Rs 100 per sq.ft, effective from the 2024 revision. This area falls under the Salavakkam SRO and is classified as Residential Class I Type - I.

How the guideline value of Bright Garden has changed

The guideline value for Bright Garden has seen several revisions over the years. The oldest available figure is from the 2017 revision, which was Rs 67 per sq.ft. This value increased to Rs 100 per sq.ft in both the 2023 and 2024 revisions, reflecting a 49% increase from 2017 to 2023 and maintaining the same value in the subsequent revision. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

From 2023 to 2024, the guideline value remained unchanged at Rs 100 per sq.ft, indicating a 0% change. Overall, from the 2017 revision to the current 2024 revision, the guideline value has increased by 49%.

Guideline values in Kurumpirai

In Kurumpirai, there are nine streets under the Salavakkam SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 134 per sq.ft, with a median of Rs 100 per sq.ft. Bright Garden's 2024 guideline value aligns with this median.

• Imanuvel Nagar: Rs 100 per sq.ft (2024)
• Iswaryam Nagar: Rs 100 per sq.ft (2024)
• Nehru Nagar: Rs 100 per sq.ft (2024)
• Om Sakthi Sai Nagar: Rs 100 per sq.ft (2024)
• Rainbow Nagar: Rs 102 per sq.ft (2024)
• Rainbow Nagar Phase-1: Rs 102 per sq.ft (2024)

Stamp duty and registration fee for property in Bright Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty is charged at 7%, which totals Rs 7,000, and the registration fee is charged at 2%, totaling Rs 2,000. Therefore, the total cost for these fees together is Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bright Garden?

The Sub Registrar Office that covers Bright Garden is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor during the registration of property transactions in Kurumpirai. It serves as a benchmark for determining the stamp duty and registration fees that buyers must pay when acquiring property.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate fees are collected based on the established rates. This process is essential for maintaining transparency and legality in property transactions.

Frequently asked questions

What is the current guideline value of Bright Garden?

The current guideline value of Bright Garden is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained Rs 100 per sq.ft since the 2023 revision, with a significant increase from Rs 67 per sq.ft in the 2017 revision, marking a 49% increase overall from 2017 to 2024.

What classification does Bright Garden fall under?

Bright Garden is classified as Residential Class I Type - I, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Bright Garden?

The Sub Registrar Office for Bright Garden is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

How is stamp duty calculated for properties in Bright Garden?

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