Guideline Value for Bakyalakshmi Nagar 3rd Street

Bakyalakshmi Nagar 3rd Street guideline value

The current guideline value of Bakyalakshmi Nagar 3rd Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, classified as Residential Class I Type - II.

How the guideline value of Bakyalakshmi Nagar 3rd Street has changed

The guideline value for Bakyalakshmi Nagar 3rd Street has seen several revisions over the years. The register shows that in 2002, the value was Rs 172 per sq.ft, which increased to Rs 189 per sq.ft in 2003. Following this, the value rose significantly to Rs 500 per sq.ft in 2007, and then to Rs 3,250 per sq.ft in 2012. However, it dropped 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 rate of Rs 3,600 per sq.ft in 2024.

In terms of percentage changes, from 2017 to 2023, there was a notable increase of 49%. The 2023 to 2024 revision reflected an increase of 11%. The largest increase was seen from 2007 to 2012, with a rise of 550%. Overall, from 2002 to 2024, the guideline value has increased by 1993%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with 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 3rd Street is above this median.

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

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 be Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, bringing the total to Rs 3,24,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bakyalakshmi Nagar 3rd Street?

The Sub Registrar Office covering Bakyalakshmi Nagar 3rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

When buying or selling property in Maduravoyal, the guideline value is a crucial factor in determining the stamp duty and registration fees. The guideline value serves as a benchmark for calculating these fees, ensuring that they are based on the official valuation of the property.

It is essential for buyers and sellers to be aware of the guideline value as it directly impacts the financial aspects of property transactions. Understanding the guideline value helps in making informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of Bakyalakshmi Nagar 3rd Street?

The current guideline value of Bakyalakshmi Nagar 3rd 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 significantly, with the value rising from Rs 172 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, marking an overall increase of 1993%.

What is the land classification of Bakyalakshmi Nagar 3rd Street?

Bakyalakshmi Nagar 3rd 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 office handles registrations for Bakyalakshmi Nagar 3rd Street?

The Virugambakkam Sub Registrar Office handles registrations for Bakyalakshmi Nagar 3rd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.