Guideline Value for Bakthavachalam Nagar Municipalty Employees colony 1st Street

Bakthavachalam Nagar Municipalty Employees colony 1st Street guideline value

The current guideline value for Bakthavachalam Nagar Municipalty Employees colony 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Thalakanancherry village and falls under the Alandur SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Bakthavachalam Nagar Municipalty Employees colony 1st Street has changed

The guideline value for Bakthavachalam Nagar Municipalty Employees colony 1st Street has seen several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 700 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, but then saw a decrease to Rs 1,675 per sq.ft in 2017. The value rose again to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,800 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, followed by a further increase of 12% from 2023 to 2024. The overall change from the 2007 revision to the 2024 revision reflects a significant increase of 300%, indicating a substantial rise in the guideline value over the years.

Guideline values in Thalakanancherry

In Thalakanancherry, there are 318 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 5,500 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value for Bakthavachalam Nagar Municipalty Employees colony 1st Street is below this median.

• Bakthavachalam Nagar Municipalty Employees colony: Rs 2,800 per sq.ft (2024)
• Bakthavachalam Nagar Municipalty Employees colony 2nd Street: Rs 2,800 per sq.ft (2024)
• Bakthavachalam Nagar First High Road: Rs 2,800 per sq.ft (2024)
• Bakthavachalam Nagar Municipalty Employees colony 3rd Street: Rs 2,800 per sq.ft (2024)
• Bakthavachalam Nagar 9th Street: Rs 2,800 per sq.ft (2024)
• Bakthavachalam Nagar South: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Bakthavachalam Nagar Municipalty Employees colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, resulting in a total of Rs 2,52,000 for these charges. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Bakthavachalam Nagar Municipalty Employees colony 1st Street?

The Bakthavachalam Nagar Municipalty Employees colony 1st Street falls under the jurisdiction of the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thalakanancherry. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is documented according to the prevailing rates set by the government.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Bakthavachalam Nagar Municipalty Employees colony 1st Street?

The current guideline value for Bakthavachalam Nagar Municipalty Employees colony 1st Street is Rs 2,800 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 700 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 300% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000, and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles property registrations in Bakthavachalam Nagar Municipalty Employees colony 1st Street?

The Alandur Sub Registrar Office handles property registrations for Bakthavachalam Nagar Municipalty Employees colony 1st Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for Bakthavachalam Nagar Municipalty Employees colony 1st Street?

The land classification for Bakthavachalam Nagar Municipalty Employees colony 1st Street is Residential Class II Type - II.