Guideline Value for Bakyalakshmi Nagar 2nd Street

Bakyalakshmi Nagar 2nd Street guideline value

The current guideline value of Bakyalakshmi Nagar 2nd Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Bakyalakshmi Nagar 2nd Street has changed

The guideline value for Bakyalakshmi Nagar 2nd Street has seen several revisions over the years. In 2002, the value was Rs 172 per sq.ft, which increased to Rs 189 per sq.ft in 2003. The value then rose significantly to Rs 500 per sq.ft in 2007, followed by a substantial increase to Rs 3,250 per sq.ft in 2012. However, there was a decrease to Rs 2,177 per sq.ft in 2017. The value then increased to Rs 3,250 per sq.ft in 2023, before reaching the current value of Rs 3,600 per sq.ft in 2024.

Between these revisions, notable changes include a 10% increase from 2002 to 2003, a 165% increase from 2003 to 2007, a 550% rise from 2007 to 2012, a decrease of 33% from 2012 to 2017, and a 49% increase from 2017 to 2023. The most recent change from 2023 to 2024 reflects an increase of 11%. Overall, from 2002 to 2024, the guideline value has increased by 1,993%.

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 of Bakyalakshmi Nagar 2nd Street is above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value amounts to Rs 36,00,000. The stamp duty at 7% would be Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, leading to a total cost of Rs 3,24,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bakyalakshmi Nagar 2nd Street?

The Sub Registrar Office that covers Bakyalakshmi Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor when buying or selling property in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer and seller agree on a sale price, the registration process will consider the higher value between the sale price and the guideline value for calculating the applicable duties.

During the registration process, the guideline value helps ensure transparency and fairness in property transactions. It is crucial for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Bakyalakshmi Nagar 2nd Street?

The current guideline value of Bakyalakshmi Nagar 2nd Street is Rs 3,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 172 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, reflecting an overall increase of 1,993% over this period.

What is the land classification for Bakyalakshmi Nagar 2nd Street?

Bakyalakshmi Nagar 2nd Street is classified as Residential Class I Type - II.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 36,00,000, the stamp duty would be Rs 2,52,000 and the registration fee would be Rs 72,000, totaling Rs 3,24,000.

Which Sub Registrar Office covers Bakyalakshmi Nagar 2nd Street?

The Virugambakkam Sub Registrar Office covers Bakyalakshmi Nagar 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.