Guideline Value for Barathi Nagar (Near Chakrabani Nagar) 3rd Street

Barathi Nagar (Near Chakrabani Nagar) 3rd Street guideline value

The current guideline value of Barathi Nagar (Near Chakrabani Nagar) 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Barathi Nagar (Near Chakrabani Nagar) 3rd Street has changed

The guideline value for Barathi Nagar (Near Chakrabani Nagar) 3rd Street has seen several revisions over the years. In 2002, the value was Rs 250 per sq.ft, which increased to Rs 274 per sq.ft in 2003, marking a 10% rise. The value then rose significantly to Rs 500 per sq.ft in 2007, reflecting an 82% increase. Following this, the 2012 revision set the value at Rs 3,500 per sq.ft, a notable increase of 600% from the previous revision. However, the value dropped to Rs 2,345 per sq.ft in 2017, showing a decrease of 33%.

From 2017 to 2023, the guideline value surged to Rs 3,500 per sq.ft, representing a 49% increase. The most recent revision in 2024 has set the value at Rs 3,850 per sq.ft, which is a 10% rise from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,440%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value in this area is Rs 3,050 per sq.ft, placing Barathi Nagar (Near Chakrabani Nagar) 3rd Street's 2024 value above this median.

• Barathi Nagar (Near Chakrabani Nagar) 2nd Street: Rs 3,850 per sq.ft (2024)
• Barathi Nagar (Near Chakrabani Nagar) 1st 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) 3rd Street

For a 1,000 sq.ft plot 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, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the 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) 3rd Street?

The Sub Registrar Office that covers Barathi Nagar (Near Chakrabani Nagar) 3rd 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 Maduravoyal

The guideline value is an essential factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair rate according to the government's valuation. This process helps maintain transparency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Barathi Nagar (Near Chakrabani Nagar) 3rd Street?

The current guideline value of Barathi Nagar (Near Chakrabani Nagar) 3rd 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 significantly 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 classification of the land in Barathi Nagar (Near Chakrabani Nagar) 3rd Street?

The land in Barathi Nagar (Near Chakrabani Nagar) 3rd Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for this area?

The Virugambakkam Sub Registrar Office covers Barathi Nagar (Near Chakrabani Nagar) 3rd Street and is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

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