Guideline Value for Bangaru Street

Bangaru Street guideline value

The current guideline value of Bangaru Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO, classified as Residential Special Type - II.

How the guideline value of Bangaru Street has changed

Over the years, the guideline value of Bangaru Street has seen significant changes. In 2002, the value was Rs 268 per sq.ft, which increased to Rs 293 per sq.ft in 2003. Following this, there was a substantial rise to Rs 1,100 per sq.ft in 2007, and then the value jumped to Rs 6,000 per sq.ft in 2012. However, it decreased to Rs 4,020 per sq.ft in 2017. The value then rose to Rs 6,000 per sq.ft in 2023 before reaching the current rate of Rs 6,600 per sq.ft in 2024.

The changes between the revisions reflect a +9% increase from 2002 to 2003, a +275% rise from 2003 to 2007, a +445% increase from 2007 to 2012, a -33% decrease from 2012 to 2017, a +49% increase from 2017 to 2023, and a +10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +2363%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, making Bangaru Street's 2024 figure above this median.

• Banumathi Ramakrishna Street: Rs 6,600 per sq.ft (2024)
• Barani Colony - Arcot Road: Rs 6,600 per sq.ft (2024)
• Barani Colony - Kannammal Street: Rs 6,600 per sq.ft (2024)
• Barani Colony - Surya street: Rs 6,600 per sq.ft (2024)
• Barani Colony - Thiivakar Street: Rs 6,600 per sq.ft (2024)
• Baskar Colony: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Bangaru Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the guideline value would be Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. 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 further calculations.

Which Sub Registrar Office covers Bangaru Street?

The Sub Registrar Office that covers Bangaru 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 information.

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

The guideline value is a crucial factor when buying or selling property in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is used to calculate the applicable charges. This ensures that the transaction is documented accurately and that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bangaru Street?

The current guideline value of Bangaru Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 268 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of +2363% over the years.

What is the land classification for Bangaru Street?

Bangaru Street is classified as Residential Special Type - II, which influences its guideline value.

Where can I find the Virugambakkam Sub Registrar Office?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Bangaru Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 66,00,000 would incur a stamp duty of Rs 4,62,000 at 7%.