Guideline Value for Benny Nagar 1st Cross St (Ward-04)

Benny Nagar 1st Cross St (Ward-04) guideline value

The current guideline value of Benny Nagar 1st Cross St (Ward-04) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Benny Nagar 1st Cross St (Ward-04) has changed

The guideline value for Benny Nagar 1st Cross St has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, a significant increase from Rs 1,340 per sq.ft in the 2017 revision, marking a change of +64%. In contrast, the 2012 revision recorded a higher value of Rs 2,000 per sq.ft, which was a decrease of -33% from the 2017 figure.

It is important to note that there are no figures available for the revisions in the years 2002, 2003, 2007, and 2023. Overall, from 2012 to 2024, the guideline value has increased by +10%.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for the village is Rs 1,600 per sq.ft, placing the 2024 figure for Benny Nagar 1st Cross St above this median.

• Benny Colony (Ward-04): Rs 2,200 per sq.ft (2024)
• Benny Nagar 2nd Cross St (Ward-04): Rs 2,200 per sq.ft (2024)
• Bazaar st (Ward No.10): Rs 3,300 per sq.ft (2024)
• Bhagavat Singh St (Ward-10): Rs 2,200 per sq.ft (2024)
• Bhakthavatchalam Nagar (Ward-01): Rs 2,200 per sq.ft (2024)
• Bavani Nagar (Ward No.26): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Benny Nagar 1st Cross St (Ward-04)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that 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 Benny Nagar 1st Cross St (Ward-04)?

The Sub Registrar Office that covers Benny Nagar 1st Cross St (Ward-04) 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 a crucial factor in the registration process of property transactions in Madhavaram. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately in the land records.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the costs associated with property transactions. Proper understanding of these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Benny Nagar 1st Cross St?

The current guideline value of Benny Nagar 1st Cross St (Ward-04) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024. This reflects a +64% increase from 2017 to 2024 and an overall increase of +10% from 2012 to 2024.

Are there any years without a guideline value for this street?

Yes, the guideline value register does not have figures for the years 2002, 2003, 2007, and 2023 for Benny Nagar 1st Cross St.

What is the registration fee for property in this area?

The registration fee for property in Benny Nagar 1st Cross St is calculated at 2% of the guideline value. For example, a property valued at Rs 22,00,000 would incur a registration fee of Rs 44,000.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Benny Nagar 1st Cross St is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information about your SRO through the provided link.