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 falls under Mylapore Part 2 village, governed by the Chennai Central Joint I SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Baruva Nagar has changed

Over the years, the guideline value for Baruva Nagar has seen several revisions. The register does not provide figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent figures show a revision from Rs 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024, marking a 10% increase.

The 2024 revision of Rs 5,500 per sq.ft reflects the current market conditions, while the previous revision in 2023 was set at Rs 5,000 per sq.ft. This change indicates a significant adjustment in the guideline value for this street.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Baruva Nagar's 2024 figure below this median.

• 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 the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Baruva Nagar?

The Sub Registrar Office that covers Baruva Nagar is 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 additional details.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value plays a crucial role in property transactions within Mylapore Part 2. It is used to determine the stamp duty and registration fees applicable when a property is bought or sold, ensuring that the government receives the appropriate revenue from property transactions.

When registering a property, buyers must consider the guideline value as it often reflects the minimum value for tax purposes. This means that even if a property sells for a lower price, the stamp duty will be calculated based on the guideline value if it is higher.

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 much has the guideline value changed recently?

Recently, the guideline value increased from Rs 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024, which is a 10% increase.

What is the classification of land in Baruva Nagar?

Baruva Nagar is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

What are the stamp duty rates for properties in Baruva Nagar?

The stamp duty rate for properties in Baruva Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Baruva Nagar?

The Sub Registrar Office for Baruva Nagar is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.