Guideline Value for Bakyalakshmi Nagar 6 th Street

Bakyalakshmi Nagar 6 th Street guideline value

The current guideline value of Bakyalakshmi Nagar 6 th Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and falls under the Residential Class I Type - II land classification.

How the guideline value of Bakyalakshmi Nagar 6 th Street has changed

The guideline value for Bakyalakshmi Nagar 6 th Street has seen several revisions over the years. In 2007, the guideline value was Rs 500 per sq.ft, which increased significantly to Rs 3,250 per sq.ft in 2012. However, this figure dropped by 33% to Rs 2,177 per sq.ft in 2017. The value then rose sharply to Rs 3,250 per sq.ft in 2023, before reaching the current value of Rs 3,600 per sq.ft in 2024, marking an increase of 11% from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 620%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value in this area is Rs 3,050 per sq.ft, which means that the 2024 guideline value of Bakyalakshmi Nagar 6 th Street is above this median.

• Bakyalakshmi Nagar 3rd Street: Rs 3,600 per sq.ft (2024)
• Bakyalakshmi Nagar Main Road: 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 6 th 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, calculated at 7%, would amount to Rs 2,52,000, and the registration fee at 2% would be Rs 72,000. Together, the total cost for these fees would be Rs 3,24,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bakyalakshmi Nagar 6 th Street?

The Bakyalakshmi Nagar 6 th Street falls under the jurisdiction of 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 a crucial factor during property registration in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bakyalakshmi Nagar 6 th Street?

The current guideline value of Bakyalakshmi Nagar 6 th 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 from Rs 500 per sq.ft in 2007 to Rs 3,600 per sq.ft in 2024, reflecting an overall increase of 620% over this period.

What is the median guideline value in Maduravoyal?

The median guideline value in Maduravoyal is Rs 3,050 per sq.ft, with Bakyalakshmi Nagar 6 th Street's 2024 value being above this median.

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

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 property registrations for Bakyalakshmi Nagar 6 th Street?

The Virugambakkam Sub Registrar Office handles property registrations for Bakyalakshmi Nagar 6 th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.