Guideline Value for Bangaru Nagar

Bangaru Nagar guideline value

The current guideline value of Bangaru Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Bangaru Nagar has changed

Over the years, the guideline value of Bangaru Nagar has undergone several revisions. The earliest recorded figure was Rs 168 per sq.ft in 2003. This increased significantly to Rs 600 per sq.ft in 2007, followed by a substantial rise to Rs 2,500 per sq.ft in 2012. However, it saw a decline to Rs 1,675 per sq.ft in 2017, before climbing to Rs 2,500 per sq.ft in 2023, and finally reaching Rs 2,750 per sq.ft in the 2024 revision.

In terms of changes between revisions, from 2003 to 2007, the value increased by 257%. It then saw a significant increase of 317% from 2007 to 2012. The value dropped by 33% from 2012 to 2017, but rose again by 49% from 2017 to 2023. The current 2024 figure reflects a 10% increase from the previous year. Overall, the guideline value has increased by 1537% from 2003 to 2024.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Bangaru Nagar's 2024 figure below the median.

• Basiyam Street: Rs 3,520 per sq.ft (2024)
• Balamurugan Street: Rs 3,300 per sq.ft (2024)
• Balamurugan Cross Street: Rs 3,300 per sq.ft (2024)
• Balaji Nagar: Rs 3,300 per sq.ft (2024)
• Bharathi Nagar Main Road (Part): Rs 3,520 per sq.ft (2024)
• Bharathi Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Bangaru Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. 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 Bangaru Nagar?

The Sub Registrar Office that covers Bangaru Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Zaminpallavaram. It is used to determine the minimum price at which a property must be registered, ensuring that the transaction reflects a fair value according to government standards.

When buying or selling property, both the buyer and seller must consider the guideline value, as it affects the stamp duty and registration fees. This ensures that the property is valued appropriately for legal and tax purposes.

Frequently asked questions

What is the current guideline value of Bangaru Nagar?

The current guideline value of Bangaru Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 168 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1537% over the years.

What are the stamp duty rates for property in Bangaru Nagar?

The stamp duty for property in Bangaru Nagar is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Bangaru Nagar?

The Sub Registrar Office for Bangaru Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum price for property registration, impacting the stamp duty and registration fees that must be paid during a transaction.