Guideline Value for Bakiyalakshmi Nagar Main Road

Bakiyalakshmi Nagar Main Road guideline value

The current guideline value of Bakiyalakshmi Nagar Main Road is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Bakiyalakshmi Nagar Main Road has changed

Over the years, the guideline value for Bakiyalakshmi Nagar Main Road has seen several revisions. The 2012 revision set the value at Rs 1,600 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 1,072 per sq.ft. However, the value increased significantly to Rs 1,600 per sq.ft in the 2023 revision, and then rose again to Rs 1,700 per sq.ft in the 2024 revision, marking a 6% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 6%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street in the register.

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, with a median value of Rs 2,400 per sq.ft. The guideline value for Bakiyalakshmi Nagar Main Road is below this median.

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

Stamp duty and registration fee for property in Bakiyalakshmi Nagar Main Road

For a 1,000 sq.ft plot at the current rate, the 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 the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bakiyalakshmi Nagar Main Road?

The Sub Registrar Office that covers Bakiyalakshmi Nagar Main Road 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 information.

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

The guideline value is a crucial factor in property registration in Madambakkam. It determines the minimum value on which stamp duty and registration fees are calculated during the sale or purchase of property. Buyers should be aware that the guideline value may differ from the actual sale price, but the higher amount will be used for calculating the applicable fees.

When registering a property, it is essential to refer to the latest guideline value to ensure compliance with the legal requirements. This value helps in standardizing property transactions and provides a reference point for both buyers and sellers in the real estate market.

Frequently asked questions

What is the current guideline value of Bakiyalakshmi Nagar Main Road?

The current guideline value of Bakiyalakshmi Nagar Main Road 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, marking a 6% increase. It was Rs 1,072 per sq.ft in 2017 and Rs 1,600 per sq.ft in 2012.

What are the stamp duty and registration fees for properties here?

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. This is charged on the higher of the guideline value or the sale price.

Which office handles registrations for Bakiyalakshmi Nagar Main Road?

The Selaiyur Sub Registrar Office handles registrations for Bakiyalakshmi Nagar Main Road, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Bakiyalakshmi Nagar Main Road?

The land classification for Bakiyalakshmi Nagar Main Road is Residential Class I Type - II, indicating its suitability for residential development.