Guideline Value for Bakiyalakshmi Nagar

Bakiyalakshmi Nagar guideline value

The current guideline value of Bakiyalakshmi Nagar is Rs 660 per sq.ft, effective from 1 July 2024. This area is located in Alamathi village and falls under the Redhills SRO. The land classification for this locality is Residential Special Type - III.

How the guideline value of Bakiyalakshmi Nagar has changed

Starting from the earliest revision in 2003, the guideline value was Rs 22 per sq.ft. This figure saw a significant increase in 2007 to Rs 300 per sq.ft, marking a change of +1264%. In 2012, the value rose to Rs 600 per sq.ft, reflecting a +100% increase from the previous revision. However, the value decreased to Rs 402 per sq.ft in 2017, showing a decline of -33%. The next revision in 2023 saw the value increase to Rs 600 per sq.ft, which was a +49% change. The most recent revision in 2024 has set the guideline value at Rs 660 per sq.ft, representing a +10% increase from 2023.

It is important to note that the register has no figure for Bakiyalakshmi Nagar for the year 2002.

Guideline values in Alamathi

In Alamathi, there are 54 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft, with a median value of Rs 550 per sq.ft. The guideline value for Bakiyalakshmi Nagar is above this median.

• Balasubramanian Nagar: Rs 770 per sq.ft (2024)
• Bhajanai Koil Street: Rs 990 per sq.ft (2024)
• Bharathiar Street: Rs 990 per sq.ft (2024)
• Bhuvaneswari Nagar: Rs 550 per sq.ft (2024)
• B.K. Garden: Rs 550 per sq.ft (2024)
• Abi Garden Annex: Rs 550 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 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees together to Rs 59,400. 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?

The Sub Registrar Office that covers Bakiyalakshmi Nagar is the Redhills Sub Registrar Office. The address is Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Alamathi. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

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 charged based on the higher of the guideline value or the sale price, which impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Bakiyalakshmi Nagar?

The current guideline value of Bakiyalakshmi Nagar is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 22 per sq.ft in 2003 to Rs 660 per sq.ft in 2024, reflecting an overall increase of +2900% over this period.

What are the stamp duty and registration fees for property in Bakiyalakshmi Nagar?

The stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value. For a 1,000 sq.ft plot, the total fees amount to Rs 59,400.

Which Sub Registrar Office covers Bakiyalakshmi Nagar?

The Redhills Sub Registrar Office covers Bakiyalakshmi Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification of Bakiyalakshmi Nagar?

The land classification for Bakiyalakshmi Nagar is Residential Special Type - III, indicating its suitability for residential purposes.