Guideline Value for Bangaru Naidu Colony 2nd Street

Bangaru Naidu Colony 2nd Street guideline value

The current guideline value of Bangaru Naidu Colony 2nd 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 2nd Street has changed

The guideline value for Bangaru Naidu Colony 2nd Street has seen several revisions over the years. The earliest recorded value is from 2007, which was Rs 1,450 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 245%. However, the value dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%. Following this, the value surged to Rs 5,000 per sq.ft in 2023, reflecting a 49% increase, and further rose to the current value of Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there are no recorded figures for Bangaru Naidu Colony 2nd Street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 279%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing the 2024 figure for Bangaru Naidu Colony 2nd Street above this median.

• Bangaru Naidu Colony 1st 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 2nd 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 the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bangaru Naidu Colony 2nd Street?

Bangaru Naidu Colony 2nd Street is covered by 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 in property transactions in Virugambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values for different streets.

Frequently asked questions

What is the current guideline value of Bangaru Naidu Colony 2nd Street?

The current guideline value of Bangaru Naidu Colony 2nd 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 significantly, increasing from Rs 1,450 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 279% over the years.

What are the stamp duty and registration fees for property transactions?

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 office handles property registrations in Bangaru Naidu Colony 2nd Street?

The Virugambakkam Sub Registrar Office handles property registrations for Bangaru Naidu Colony 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Bangaru Naidu Colony 2nd Street?

Bangaru Naidu Colony 2nd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.