Guideline Value for Bhagwan nagar

Bhagwan nagar guideline value

The current guideline value of Bhagwan nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Poonthamallee village and falls under the Poonamallee SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Bhagwan nagar has changed

The guideline value for Bhagwan nagar has seen several revisions over the years. In the 2007 revision, the value was set at Rs 300 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2012 revision, marking a rise of 567%. However, in the 2017 revision, the value dropped to Rs 1,340 per sq.ft, which was a decrease of 33%. The 2023 revision then raised the value to Rs 2,000 per sq.ft, and the most recent 2024 revision has set it at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 633%. It is important to note that there are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Poonthamallee

In Poonthamallee, there are 257 streets under the Poonamallee SRO that carry a 2024 guideline value figure, ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Bhagwan nagar.

• Bhajanai koil street: Rs 2,200 per sq.ft (2024)
• BG nagar Veerevu: Rs 2,200 per sq.ft (2024)
• Bazaar street: Rs 3,250 per sq.ft (2024)
• Balaraman Nagar Annex: Rs 1,980 per sq.ft (2024)
• Balaraman Nagar: Rs 2,200 per sq.ft (2024)
• Bradees street: Rs 2,740 per sq.ft (2024)

Stamp duty and registration fee for property in Bhagwan nagar

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, resulting in a total of Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information on fees applicable to your property transaction.

Which Sub Registrar Office covers Bhagwan nagar?

The Sub Registrar Office that covers Bhagwan nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Poonthamallee. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Bhagwan nagar?

The current guideline value of Bhagwan nagar 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 increased from Rs 300 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking a total increase of 633% over the years.

What is the land classification for Bhagwan nagar?

Bhagwan nagar is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft plot at Rs 2,200 per sq.ft incurs a total fee of Rs 1,98,000.

Which Sub Registrar Office covers Bhagwan nagar?

The Poonamallee Sub Registrar Office covers Bhagwan nagar, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056.