Guideline Value for Bavani Nagar ( Ward No.26 )

Bavani Nagar ( Ward No.26 ) guideline value

The current guideline value of Bavani Nagar ( Ward No.26 ) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Bavani Nagar ( Ward No.26 ) has changed

The guideline value for Bavani Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in the 2023 revision, and finally, it has been revised to Rs 1,300 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 8% from 2023 to 2024. There was a significant increase of 49% from 2017 to 2023. However, the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%.

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, with a median value of Rs 1,600 per sq.ft. Bavani Nagar ( Ward No.26 ) has a guideline value below this median.

• Bavani Nagar 2nd st ( Ward No.1 ): Rs 1,300 per sq.ft (2024)
• Bavani Nagar 1st st ( Ward No.1 ): Rs 1,300 per sq.ft (2024)
• Bavani Amman Koil st ( Ward No.9 ): Rs 1,300 per sq.ft (2024)
• Bashyam Nagar (Ward-08): Rs 1,600 per sq.ft (2024)
• Bazaar st ( Ward No.10 ): Rs 3,300 per sq.ft (2024)
• Benny Colony (Ward-04): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bavani Nagar ( Ward No.26 )

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bavani Nagar ( Ward No.26 )?

The Sub Registrar Office that covers Bavani Nagar ( Ward No.26 ) 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 is an essential factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair value.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bavani Nagar ( Ward No.26 )?

The current guideline value of Bavani Nagar ( Ward No.26 ) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Bavani Nagar ( Ward No.26 )?

Bavani Nagar ( Ward No.26 ) is classified as Residential Class III Type - I.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Bavani Nagar?

The stamp duty for properties in Bavani Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.