Guideline Value for Baruva Nagar

Baruva Nagar guideline value

The current guideline value of Baruva Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is part of Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this street is Commercial Class I Type - II.

How the guideline value of Baruva Nagar has changed

Over the years, the guideline value of Baruva Nagar has seen several revisions. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 5,000 per sq.ft, which was then increased to Rs 5,500 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, the register did not provide a figure for the street in previous years. The latest revision reflects an increase in the guideline value, aligning with the trends observed in the area.

Guideline values in Mylapore Part 1

The guideline values for Mylapore Part 1 show a range from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value for Baruva Nagar is below this median. Here are some other streets in Mylapore Part 1:

• Basheer Ahamed Road: Rs 14,300 per sq.ft (2024)
• Bazaar Road (Royapettah) Gowdia Mutt Road: Rs 13,200 per sq.ft (2024)
• Beerkaran 1st Cross Street: Rs 7,700 per sq.ft (2024)
• Beerkaran 1st Street: Rs 7,700 per sq.ft (2024)
• Beerkaran 2nd Street: Rs 7,700 per sq.ft (2024)
• Beerkaran 3rd Cross Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Baruva Nagar

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. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Baruva Nagar?

Baruva Nagar falls under the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor in property transactions within Mylapore Part 1. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the value reflects the market conditions of the area.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are essential expenses in the property transaction process. This ensures that all parties are aware of the financial obligations involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Baruva Nagar?

The current guideline value of Baruva Nagar 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 from Rs 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024, marking a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Baruva Nagar?

Baruva Nagar is classified as Commercial Class I Type - II. This classification can impact the types of developments permitted in the area.

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

The stamp duty is calculated at 7% of the guideline value, while the registration fee is charged at 2%. These fees are based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office located for Baruva Nagar?

The Chennai Central Joint I Sub Registrar Office is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office handles registrations for properties in Baruva Nagar.