Guideline Value for Bakiyalakshmi Nagar 5th Street

Bakiyalakshmi Nagar 5th Street guideline value

The current guideline value of Bakiyalakshmi Nagar 5th 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 5th Street has changed

The guideline value for Bakiyalakshmi Nagar 5th Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,700 per sq.ft, an increase from Rs 1,600 per sq.ft in the 2023 revision. Prior to that, the 2017 revision recorded a guideline value of Rs 1,072 per sq.ft, representing a significant increase of 49% over the six-year period until 2023. The 2012 revision also noted a value of Rs 1,600 per sq.ft, but this was a decrease of 33% from the earlier figure in 2017. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 6%. The fluctuations in the guideline value reflect changes in the local real estate landscape, with the current value being the highest recorded for this street in recent years.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, indicating that the value for Bakiyalakshmi Nagar 5th Street is below this median.

• Bakiyalakshmi Nagar 5th Cross Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 6th Cross Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 6th Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar 4th Cross Street: Rs 1,700 per sq.ft (2024)
• Bakiyalakshmi Nagar Main Road: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Bakiyalakshmi Nagar 5th 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 and the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bakiyalakshmi Nagar 5th Street?

The Sub Registrar Office that covers Bakiyalakshmi Nagar 5th Street is 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 details.

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

The guideline value is a crucial factor in 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 transaction is recorded accurately in the official records.

When buying or selling property, the guideline value influences the stamp duty and registration fees that must be paid. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Bakiyalakshmi Nagar 5th Street?

The current guideline value for Bakiyalakshmi Nagar 5th 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 2023 to Rs 1,700 per sq.ft in 2024. It was Rs 1,072 per sq.ft in 2017 and Rs 1,600 per sq.ft in 2012, showing variations over the years.

What is the land classification for Bakiyalakshmi Nagar 5th Street?

Bakiyalakshmi Nagar 5th 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 transactions?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. These fees are based on the higher of the guideline value or the sale price of the property.

Which Sub Registrar Office covers this area?

The Selaiyur Sub Registrar Office covers Bakiyalakshmi Nagar 5th Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.