Guideline Value for Bhagavathy Nagar

Bhagavathy Nagar guideline value

The current guideline value of Bhagavathy Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Selaiyur village under the Selaiyur SRO, classified as Residential Class II Type - II.

How the guideline value of Bhagavathy Nagar has changed

The guideline value for Bhagavathy Nagar has seen several revisions over the years. In 2007, the value was Rs 450 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012. However, it then dropped to Rs 1,005 per sq.ft in 2017. The value rose again to Rs 1,500 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 1,600 per sq.ft. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it rose by 7%. The overall increase from 2007 to 2024 is 256%, highlighting the changes in the guideline value over the years.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, making the current guideline value of Bhagavathy Nagar below this median.

• Bhagavath Singh Street: Rs 850 per sq.ft (2024)
• Bethelpuram 1st Street: Rs 950 per sq.ft (2024)
• Bethelpuram 1st Cross Street: Rs 950 per sq.ft (2024)
• Bethelpuram: Rs 950 per sq.ft (2024)
• Bharathamada Street: Rs 4,750 per sq.ft (2024)
• Barath Nagar: Rs 950 per sq.ft (2024)

Stamp duty and registration fee for property in Bhagavathy Nagar

For a 1,000 sq.ft plot 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 be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. 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 Bhagavathy Nagar?

The Bhagavathy Nagar area falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Selaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being sold or purchased.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate transactions. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Bhagavathy Nagar?

The current guideline value of Bhagavathy Nagar 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 450 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, showing an overall increase of 256% over the years.

What are the stamp duty and registration fees for properties in Bhagavathy Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 1,44,000, including both fees.

Which office handles registrations for Bhagavathy Nagar?

The Selaiyur Sub Registrar Office handles registrations for Bhagavathy Nagar, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Bhagavathy Nagar?

Bhagavathy Nagar is classified as Residential Class II Type - II, indicating its suitability for residential purposes.