Guideline Value for Bakiyalakshmi Nagar

Bakiyalakshmi Nagar guideline value

The current guideline value of Bakiyalakshmi Nagar is Rs 1,700 per sq.ft, effective from 1 July 2024. This area 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 has changed

The guideline value for Bakiyalakshmi Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,600 per sq.ft, which was then reduced to Rs 1,072 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,600 per sq.ft, and the most recent 2024 revision has raised it further to Rs 1,700 per sq.ft, marking a 6% increase from the previous year. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

In summary, from the 2012 revision to the 2024 revision, the guideline value has increased overall by 6%. The significant changes include a 49% increase from 2017 to 2023, and the 2012 to 2017 period saw a decrease of 33% in the guideline value.

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 is below this median.

• Bakiyalakshmi Nagar 1st Cross Street: 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

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 the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Bakiyalakshmi Nagar?

The Sub Registrar Office that covers Bakiyalakshmi Nagar 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 plays a crucial role during the registration of properties in Madambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, both parties must consider the guideline value as it influences the overall transaction cost. The stamp duty and registration fees are calculated based on this value, which is essential for legal documentation and property transfer.

Frequently asked questions

What is the current guideline value of Bakiyalakshmi Nagar?

The current guideline value of Bakiyalakshmi Nagar 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, showing a significant increase of 49% by 2023.

What are the other streets with the same guideline value?

Several other streets in Madambakkam have the same guideline value of Rs 1,700 per sq.ft for 2024, including Bakiyalakshmi Nagar 1st Cross Street, 1st Street, 2nd Cross Street, 2nd Street, 3rd Cross Street, and 3rd Street.

What is the registration fee for property in Bakiyalakshmi Nagar?

The registration fee for property in Bakiyalakshmi Nagar is calculated based on the guideline value. For instance, for a plot valued at Rs 17,00,000, the registration fee would be Rs 34,000 at a rate of 2%.

Where is the Sub Registrar Office for Bakiyalakshmi Nagar located?

The Sub Registrar Office for Bakiyalakshmi Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.