Guideline Value for Bakiyalakshmi Nagar 2nd Street

Bakiyalakshmi Nagar 2nd Street guideline value

The current guideline value of Bakiyalakshmi Nagar 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Class I Type - II.

How the guideline value of Bakiyalakshmi Nagar 2nd Street has changed

Over the years, the guideline value for Bakiyalakshmi Nagar 2nd Street has seen revisions. The 2012 revision recorded a guideline value of Rs 1,600 per sq.ft, which remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 1,700 per sq.ft, marking a 6% increase from the previous year.

From 2012 to 2024, the overall change in guideline value is also 6%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 2,400 per sq.ft, indicating that Bakiyalakshmi Nagar 2nd Street's 2024 figure is below that median.

• Bakiyalakshmi Nagar 2nd Cross Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 3rd Cross Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 1st Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 4th Cross Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 1st Cross Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Bakiyalakshmi Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Bakiyalakshmi Nagar 2nd Street?

The Bakiyalakshmi Nagar 2nd Street falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Madambakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the taxes paid reflect the official value of the property.

When buying or selling property, the guideline value is used to determine the minimum value on which the stamp duty is calculated. This means that the buyer may need to pay a higher amount if the sale price exceeds the guideline value.

Frequently asked questions

What is the current guideline value of Bakiyalakshmi Nagar 2nd Street?

The current guideline value of Bakiyalakshmi Nagar 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,600 per sq.ft from 2012 to 2023, but increased to Rs 1,700 per sq.ft in the 2024 revision, marking a 6% increase from the previous year.

What is the land classification for Bakiyalakshmi Nagar 2nd Street?

Bakiyalakshmi Nagar 2nd Street is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000, totaling Rs 1,53,000. Duty is charged on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Bakiyalakshmi Nagar 2nd Street located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone.