Guideline Value for Bajanai Koil 2nd Street (Ward 22)

Bajanai Koil 2nd Street (Ward 22) guideline value

The current guideline value of Bajanai Koil 2nd Street (Ward 22) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Bajanai Koil 2nd Street (Ward 22) has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft, which remained unchanged in the 2023 revision. However, in the 2024 revision, the value increased to Rs 1,300 per sq.ft, reflecting an 8% rise from the previous year. Notably, the register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from the 2012 to the 2024 revision, the guideline value has increased by 8%. The 2023 to 2024 change represents the first adjustment in over a decade, indicating a significant update in the valuation for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median guideline value in this area is Rs 1,600 per sq.ft, positioning Bajanai Koil 2nd Street's 2024 figure below that median.

• Bajanai Koil 3rd Street (Ward 22): Rs 1,300 per sq.ft (2024)
• Bajanai Koil 1st Street (Ward 22): Rs 1,300 per sq.ft (2024)
• Bajanai Koil 4th Street (Ward 22): Rs 1,300 per sq.ft (2024)
• Bagwatsingh Nagar / Extension (Ward No.10): Rs 2,200 per sq.ft (2024)
• Bagavathsingh Nagar / Street: Rs 2,200 per sq.ft (2024)
• Bajanai Koil St, Lakshmipuarm (Ward-27): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bajanai Koil 2nd Street (Ward 22)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bajanai Koil 2nd Street (Ward 22)?

The Sub Registrar Office that covers Bajanai Koil 2nd Street (Ward 22) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property transaction occurs, the guideline value helps in calculating the applicable taxes and fees. Buyers and sellers should be aware that the stamp duty and registration fees are charged on the higher of the guideline value or the sale price, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Bajanai Koil 2nd Street (Ward 22)?

The current guideline value of Bajanai Koil 2nd Street (Ward 22) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, representing an overall increase of 8%. There was no change in the value between 2012 and 2023.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values, with Bajanai Koil 1st, 3rd, and 4th Streets all at Rs 1,300 per sq.ft in 2024. Other streets like Bagwatsingh Nagar / Extension and Bagavathsingh Nagar have higher values of Rs 2,200 per sq.ft.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated in Madhavaram?

Stamp duty in Madhavaram is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be calculated at 7% of that amount.