Guideline Value for Bakiyalakshmi Nagar 3rd Street

Bakiyalakshmi Nagar 3rd Street guideline value

The current guideline value of Bakiyalakshmi Nagar 3rd 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 3rd Street has changed

The guideline value for Bakiyalakshmi Nagar 3rd Street has undergone several revisions over the years. The earliest recorded figure is from the 2012 revision, which was Rs 1,600 per sq.ft. This was followed by a decrease to Rs 1,072 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 1,600 per sq.ft, and the most recent revision in 2024 raised it to Rs 1,700 per sq.ft.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. The change from 2023 to 2024 reflects a 6% increase. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 6%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for the area is Rs 2,400 per sq.ft, which indicates that Bakiyalakshmi Nagar 3rd Street's 2024 figure is below the median.

• Bakiyalakshmi Nagar 3rd Cross Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 4th Cross Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 2nd Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 2nd Cross Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 5th Cross Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Bakiyalakshmi Nagar 3rd 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 fees to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bakiyalakshmi Nagar 3rd Street?

The Bakiyalakshmi Nagar 3rd 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 is a crucial factor during the registration of property transactions in Madambakkam. 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.

When buying or selling property, it is essential to be aware of the guideline value, as it impacts the overall cost of the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Bakiyalakshmi Nagar 3rd Street?

The current guideline value of Bakiyalakshmi Nagar 3rd 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 changed from Rs 1,600 per sq.ft in 2012 to Rs 1,072 per sq.ft in 2017, then back to Rs 1,600 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What is the land classification for Bakiyalakshmi Nagar 3rd Street?

Bakiyalakshmi Nagar 3rd Street is classified as Residential Class I Type - II.

What are the stamp duty and registration fees for property transactions?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,53,000, calculated based on the guideline value of Rs 17,00,000.

Which Sub Registrar Office covers Bakiyalakshmi Nagar 3rd Street?

The Selaiyur Sub Registrar Office covers Bakiyalakshmi Nagar 3rd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.