Guideline Value for Bakiyalakshmi Nagar 1st Cross Street

Bakiyalakshmi Nagar 1st Cross Street guideline value

The current guideline value of Bakiyalakshmi Nagar 1st Cross 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 it falls under the Residential Class I Type - II land classification.

How the guideline value of Bakiyalakshmi Nagar 1st Cross Street has changed

The guideline value of Bakiyalakshmi Nagar 1st Cross Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 1,600 per sq.ft. This figure remained unchanged until the next revision in 2017, which saw a decrease to Rs 1,072 per sq.ft. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 1,600 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 1,700 per sq.ft, reflecting a 6% increase from the previous year.

It is important to note that there are no recorded figures for Bakiyalakshmi Nagar 1st Cross Street in the revisions from 2002, 2003, and 2007. Overall, when comparing the 2012 revision to the current 2024 figure, there has been an increase of 6%.

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 these streets is Rs 2,400 per sq.ft, placing Bakiyalakshmi Nagar 1st Cross Street's 2024 figure below that median.

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

Stamp duty and registration fee for property in Bakiyalakshmi Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total cost 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bakiyalakshmi Nagar 1st Cross Street?

The Bakiyalakshmi Nagar 1st Cross Street is covered by 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 properties can be registered, ensuring that the transaction is documented accurately in accordance with government regulations.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Bakiyalakshmi Nagar 1st Cross Street?

The current guideline value of Bakiyalakshmi Nagar 1st Cross 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, reflecting a 6% increase. It was Rs 1,072 per sq.ft in 2017, which shows a 49% increase to 2023.

What is the land classification for Bakiyalakshmi Nagar 1st Cross Street?

Bakiyalakshmi Nagar 1st Cross Street falls under the Residential Class I Type - II land classification.

What is the registration office for Bakiyalakshmi Nagar 1st Cross Street?

The Selaiyur Sub Registrar Office covers Bakiyalakshmi Nagar 1st Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated for properties in Bakiyalakshmi Nagar 1st Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000, leading to a stamp duty of Rs 1,19,000.