Guideline Value for Bangaru Naidu Colony 3rd Street

Bangaru Naidu Colony 3rd Street guideline value

The current guideline value for Bangaru Naidu Colony 3rd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Bangaru Naidu Colony 3rd Street has changed

The guideline value for Bangaru Naidu Colony 3rd Street has seen significant changes over the years. In the 2007 revision, the value was Rs 1,100 per sq.ft, which increased dramatically to Rs 5,000 per sq.ft in the 2012 revision, marking a rise of 355%. However, in the 2017 revision, the value decreased to Rs 3,350 per sq.ft, a drop of 33%. The value then rose again to Rs 5,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 5,500 per sq.ft in the 2024 revision, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Looking at the overall trend from 2007 to 2024, there has been a substantial increase of 400%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that have a guideline value for 2024, 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, making the 2024 figure for Bangaru Naidu Colony 3rd Street above this median.

• Bangaru Naidu Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• Bangaru Naidu Colony 1st 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 3rd 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, totaling Rs 4,95,000 for these charges. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bangaru Naidu Colony 3rd Street?

The Bangaru Naidu Colony 3rd Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Virugambakkam. It serves as a benchmark to determine the minimum value at which properties can be registered and is used to calculate the applicable stamp duty and registration fees.

When buying or selling property, the guideline value ensures that transactions are recorded at a fair value, preventing undervaluation. This helps maintain transparency in property dealings and ensures compliance with legal requirements.

Frequently asked questions

What is the current guideline value for Bangaru Naidu Colony 3rd Street?

The current guideline value for Bangaru Naidu Colony 3rd 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 from Rs 1,100 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting a total increase of 400% over this period.

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 handles transactions for this street?

The Virugambakkam Sub Registrar Office handles transactions for Bangaru Naidu Colony 3rd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Bangaru Naidu Colony 3rd Street?

The land classification for Bangaru Naidu Colony 3rd Street is Residential Class II Type - I.