Guideline Value for Bavani Street

Bavani Street guideline value

The current guideline value of Bavani Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Bavani Street has changed

The guideline value for Bavani Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,500 per sq.ft in the 2023 revision, and further rose to Rs 3,850 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, making Bavani Street's 2024 figure below that median.

• Bashiyam nagar: Rs 3,850 per sq.ft (2024)
• Bashiyam Layout Main Road: Rs 3,850 per sq.ft (2024)
• Bashiyam Layout Cross Street: Rs 3,850 per sq.ft (2024)
• Bashiyam colony 3rd sheeet: Rs 3,850 per sq.ft (2024)
• Bashiyam colony 2nd Street: Rs 3,850 per sq.ft (2024)
• Bashiyam colony 1st street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Bavani Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the 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, totaling 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 use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Bavani Street?

The Sub Registrar Office that covers Bavani Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. This value is crucial for legal documentation and can influence negotiations between buyers and sellers.

Frequently asked questions

What is the current guideline value of Bavani Street?

The current guideline value of Bavani 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 from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification of Bavani Street?

Bavani Street is classified as Residential Class II Type - III under the guideline value register.

What are the stamp duty and registration fees for a property in Bavani Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where is the Sub Registrar Office for Bavani Street located?

The Sub Registrar Office for Bavani Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.