Guideline Value for Bangaru Naidu Colony 1st Street

Bangaru Naidu Colony 1st Street guideline value

The current guideline value of Bangaru Naidu Colony 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Bangaru Naidu Colony 1st Street has changed

Over the years, the guideline value of Bangaru Naidu Colony 1st Street has seen several revisions. The earliest recorded figure is from 2007, which was Rs 1,100 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a substantial rise of 355%. However, the value dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%. In the following years, the value rose again to Rs 5,000 per sq.ft in 2023, and further increased to the current rate of Rs 5,500 per sq.ft in 2024, reflecting a 10% increase from the previous year.

The guideline value register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 400%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, positioning Bangaru Naidu Colony 1st Street above the median with its current value of Rs 5,500 per sq.ft.

• Bangaru Naidu Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• Bangaru Naidu Colony 3rd Street: Rs 5,500 per sq.ft (2024)
• Balambal Nagar: Rs 4,400 per sq.ft (2024)
• Balakrishnan Street: Rs 4,950 per sq.ft (2024)
• Bazaar Street: Rs 4,400 per sq.ft (2024)
• Balaji Nagar 3rd Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Bangaru Naidu Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Bangaru Naidu Colony 1st Street?

The Sub Registrar Office that covers Bangaru Naidu Colony 1st 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 details.

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

The guideline value is a crucial factor when registering property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. It is essential to be aware of these values to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Bangaru Naidu Colony 1st Street?

The current guideline value of Bangaru Naidu Colony 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 400% over these years.

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

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office is responsible for Bangaru Naidu Colony 1st Street?

The Virugambakkam Sub Registrar Office is responsible for Bangaru Naidu Colony 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Bangaru Naidu Colony 1st Street?

The land classification for Bangaru Naidu Colony 1st Street is Residential Class II Type - I, indicating its designated use for residential purposes.