Guideline Value for Bashyam Nagar (Ward-08)

Bashyam Nagar (Ward-08) guideline value

The current guideline value of Bashyam Nagar (Ward-08) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Bashyam Nagar (Ward-08) has changed

The guideline value for Bashyam Nagar has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and then to Rs 1,600 per sq.ft in 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, but the value rose by 49% from 2017 to 2023. The increase from 2023 to 2024 is 7%. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which is the same as the guideline value for Bashyam Nagar (Ward-08).

• Bavani Amman Koil st (Ward No.9): Rs 1,300 per sq.ft (2024)
• Bavani Nagar 1st st (Ward No.1): Rs 1,300 per sq.ft (2024)
• Bavani Nagar 2nd st (Ward No.1): Rs 1,300 per sq.ft (2024)
• Bavani Nagar (Ward No.26): Rs 1,300 per sq.ft (2024)
• Bazaar st (Ward No.10): Rs 3,300 per sq.ft (2024)
• Bank Colony Extension - I: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bashyam Nagar (Ward-08)

For a property of 1,000 sq.ft at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost for these fees Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bashyam Nagar (Ward-08)?

The Sub Registrar Office that covers Bashyam Nagar (Ward-08) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Madhavaram. It is used to determine the stamp duty and registration fees payable during the sale or purchase of property.

Frequently asked questions

What is the current guideline value of Bashyam Nagar (Ward-08)?

The current guideline value of Bashyam Nagar (Ward-08) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification of Bashyam Nagar?

Bashyam Nagar is classified as Residential Class II Type - I, indicating its use for residential purposes.

What are the registration fees for property transactions in Bashyam Nagar?

The registration fees include a stamp duty of 7% and a registration fee of 2%, calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in Bashyam Nagar.