Guideline Value for Bakyalakshmi Nagar Main Road

Bakyalakshmi Nagar Main Road guideline value

The current guideline value of Bakyalakshmi Nagar Main Road is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Bakyalakshmi Nagar Main Road has changed

The guideline value for Bakyalakshmi Nagar Main Road has undergone several revisions over the years. The earliest recorded figure is from 2002, set at Rs 172 per sq.ft. This increased to Rs 189 per sq.ft in 2003, followed by a significant rise to Rs 500 per sq.ft in 2007. The value then jumped to Rs 3,250 per sq.ft in 2012, but saw a decrease to Rs 2,177 per sq.ft in 2017. The value increased again to Rs 3,250 per sq.ft in 2023, and finally, the current guideline value is Rs 3,600 per sq.ft from the 2024 revision.

Between these revisions, notable changes include a 165% increase from 2003 to 2007, a 550% rise from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and an 11% increase from 2023 to 2024. The overall change from 2002 to 2024 reflects a significant increase of 1993%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value for Bakyalakshmi Nagar Main Road is above this median.

• Bakyalakshmi Nagar 6 th Street: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 3rd Street: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 2nd Street: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar 1st Street: Rs 3,600 per sq.ft (2024)
• Balaji Avenue: Rs 2,750 per sq.ft (2024)
• Balaji Nagar(Balaji Avenue): Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value would be Rs 36,00,000. The stamp duty at 7% would amount to Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, resulting in a total of Rs 3,24,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bakyalakshmi Nagar Main Road?

The Bakyalakshmi Nagar Main Road falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

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

Frequently asked questions

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

The current guideline value of Bakyalakshmi Nagar Main Road is Rs 3,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, with the most recent revision in 2024 showing a 1993% increase from the original value of Rs 172 per sq.ft.

What is the land classification for Bakyalakshmi Nagar Main Road?

The land classification for Bakyalakshmi Nagar Main Road is Residential Class I Type - II.

Where can I find the registration office for Bakyalakshmi Nagar Main Road?

The registration office for Bakyalakshmi Nagar Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Maduravoyal?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.