Guideline Value for Bajani Koil Street

Bajani Koil Street guideline value

The current guideline value of Bajani Koil Street in Madhavaram village, under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Bajani Koil Street has changed

Over the years, the guideline value for Bajani Koil Street has seen several revisions. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, which represents an increase from Rs 1,200 per sq.ft in 2023, marking an 8% rise. Prior to that, in 2017, the value was Rs 804 per sq.ft, showing a significant increase of 49% to 2023. The 2012 revision also recorded a guideline value of Rs 1,200 per sq.ft, which was a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 8%.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Bajani Koil Street. The absence of these figures means we cannot assess the changes during those years.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as per the 2024 revision. The median value for these streets is Rs 1,600 per sq.ft, indicating that Bajani Koil Street's current guideline value is below this median.

• Bajanai Koil St (Ward No.9): Rs 1,300 per sq.ft (2024)
• Bajanai koil St (Ward No.31): Rs 1,300 per sq.ft (2024)
• Bajanai Koil St (Ward No.29): Rs 1,300 per sq.ft (2024)
• Bajanai Koil St (Ward No.23): Rs 1,300 per sq.ft (2024)
• Bajanai Koil St (Ward No.22): Rs 1,300 per sq.ft (2024)
• Bajanai Koil Street (Ponniamman Medu) (Ward-22): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Bajani Koil Street

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

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bajani Koil Street?

The Sub Registrar Office that covers Bajani Koil Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value in the eyes of the law.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This means that the fees will be based on the guideline value or the sale price, whichever is higher, ensuring compliance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Bajani Koil Street?

The current guideline value of Bajani Koil Street 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 changed from Rs 804 per sq.ft in 2017 to Rs 1,200 per sq.ft in 2023, and then to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 8% from 2012 to 2024.

What is the land classification for Bajani Koil Street?

Bajani Koil Street is classified under Residential Class III Type - I, indicating its designation for residential use.

Where can I find the registration office for Bajani Koil Street?

The registration office for Bajani Koil Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Bajani Koil Street?

Stamp duty is calculated based on the higher value between the guideline value and the sale price. For instance, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.