Guideline Value for Bakyalakshmi Nagar

Bakyalakshmi Nagar guideline value

The current guideline value of Bakyalakshmi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Chitlapakkam village under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - III.

How the guideline value of Bakyalakshmi Nagar has changed

The guideline value for Bakyalakshmi Nagar has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which changed to Rs 1,005 per sq.ft in 2017. This was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%, reaching Rs 1,500 per sq.ft. The most recent revision in 2024 has further increased the value to Rs 1,650 per sq.ft, marking a 10% rise from the previous year.

There are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

Chitlapakkam has a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current value for Bakyalakshmi Nagar.

• Bakyalakshmi St: Rs 1,650 per sq.ft (2024)
• Balaji Avenue 1: Rs 2,750 per sq.ft (2024)
• Balaji Avenue 2: Rs 2,750 per sq.ft (2024)
• Balaji Avenue 3: Rs 2,750 per sq.ft (2024)
• Balaji Avenue Extn: Rs 1,650 per sq.ft (2024)
• Balaji Avenue Ist Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Bakyalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bakyalakshmi Nagar?

The Tambaram Joint 1 Sub Registrar Office covers Bakyalakshmi Nagar. The office is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the property registration process in Chitlapakkam. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value to ensure they are compliant with the legal requirements during the transaction. This value helps in establishing a fair basis for the transaction and is a key factor in the registration process.

Frequently asked questions

What is the current guideline value of Bakyalakshmi Nagar?

The current guideline value of Bakyalakshmi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification of Bakyalakshmi Nagar?

Bakyalakshmi Nagar is classified as Residential Class I Type - III.

What is the registration office for Bakyalakshmi Nagar?

The registration office for Bakyalakshmi Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated in Bakyalakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at 7%.