Guideline Value for Barathi Nagar (Near Chakrabani Nagar) 2nd Street

Barathi Nagar (Near Chakrabani Nagar) 2nd Street guideline value

The current guideline value of Barathi Nagar (Near Chakrabani Nagar) 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Barathi Nagar (Near Chakrabani Nagar) 2nd Street has changed

The guideline value for Barathi Nagar (Near Chakrabani Nagar) 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 250 per sq.ft. This value increased significantly to Rs 274 per sq.ft in 2003, marking a 10% rise. By 2007, the guideline value jumped to Rs 500 per sq.ft, reflecting an increase of 82%. The value then surged to Rs 3,500 per sq.ft in 2012, a remarkable increase of 600% from the previous revision. However, it decreased to Rs 2,345 per sq.ft in 2017, which was a decline of 33%. The value rose again to Rs 3,500 per sq.ft in 2023, before reaching the current rate of Rs 3,850 per sq.ft in 2024, indicating a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,440%. There are no figures available for revisions in years not mentioned in the register for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, and the guideline value for Barathi Nagar (Near Chakrabani Nagar) 2nd Street is above this median.

• Barathi Nagar (Near Chakrabani Nagar) 1st Street: Rs 3,850 per sq.ft (2024)
• Barathi Nagar (Near Chakrabani Nagar) 3rd Street: Rs 3,850 per sq.ft (2024)
• Balaraman Salai (Krishna Nagar Industrial Estate): Rs 4,900 per sq.ft (2024)
• Balamurugan Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar Annexe: Rs 2,750 per sq.ft (2024)
• Balamurugan Nagar 4th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Barathi Nagar (Near Chakrabani Nagar) 2nd Street

For a property of 1,000 sq.ft at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for these fees would be Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Barathi Nagar (Near Chakrabani Nagar) 2nd Street?

The Sub Registrar Office that covers Barathi Nagar (Near Chakrabani Nagar) 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the sale price is not undervalued for tax purposes.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the actual sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Barathi Nagar (Near Chakrabani Nagar) 2nd Street?

The current guideline value of Barathi Nagar (Near Chakrabani Nagar) 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1,440% over this period.

What is the land classification for Barathi Nagar (Near Chakrabani Nagar) 2nd Street?

The land classification for Barathi Nagar (Near Chakrabani Nagar) 2nd Street is Residential Class I Type - I.

Where can I find the registration office for Barathi Nagar (Near Chakrabani Nagar) 2nd Street?

The registration office for Barathi Nagar (Near Chakrabani Nagar) 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Barathi Nagar (Near Chakrabani Nagar) 2nd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would amount to Rs 2,69,500.