Guideline Value for Bhagirathi Nagar Vallal Kumanan Street

Bhagirathi Nagar Vallal Kumanan Street guideline value

The current guideline value of Bhagirathi Nagar Vallal Kumanan Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Bhagirathi Nagar Vallal Kumanan Street has changed

The guideline value for Bhagirathi Nagar Vallal Kumanan Street has seen significant changes over the years. The last recorded revision in 2017 set the value at Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 further increased the guideline value to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no recorded figures for this street in the revisions from 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, making the 2024 figure for Bhagirathi Nagar Vallal Kumanan Street above this median.

• Bhagirathi Nagar Vallal Kari Street: Rs 3,850 per sq.ft (2024)
• Bhagirathi Nagar Vallal Ori Street: Rs 3,850 per sq.ft (2024)
• Bhagirathi Nagar Vallal Athiyaman Street: Rs 3,850 per sq.ft (2024)
• Bhagirathi Nagar Vallal Pari Street: Rs 3,850 per sq.ft (2024)
• Bhagirathi Nagar Thirumalai Street: Rs 3,850 per sq.ft (2024)
• Bhagirathi Nagar Thiagarajar Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Bhagirathi Nagar Vallal Kumanan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to 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.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhagirathi Nagar Vallal Kumanan Street?

The Sub Registrar Office that covers Bhagirathi Nagar Vallal Kumanan 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 details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property, ensuring that these costs are calculated based on a standardized value set by the government.

When buying or selling property, the guideline value helps in establishing a fair price for the transaction, which is essential for legal documentation and compliance with local regulations. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Bhagirathi Nagar Vallal Kumanan Street?

The current guideline value of Bhagirathi Nagar Vallal Kumanan Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, which is a total increase of 64% over this period.

What are the other streets with the same guideline value in Madipakkam-1?

Other streets in Madipakkam-1 that share the same guideline value of Rs 3,850 per sq.ft include Bhagirathi Nagar Vallal Kari Street, Vallal Ori Street, Vallal Athiyaman Street, Vallal Pari Street, Vallal Thirumalai Street, and Vallal Thiagarajar Street.

What is the registration office for Bhagirathi Nagar Vallal Kumanan Street?

The registration office for Bhagirathi Nagar Vallal Kumanan Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in this area?

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