Guideline Value for Bhakiyalakshmi Nagar

Bhakiyalakshmi Nagar guideline value

The current guideline value of Bhakiyalakshmi Nagar is Rs 1,004 per sq.ft, effective from 1 July 2024. This locality is situated in Ariyalur village, under the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of Bhakiyalakshmi Nagar has changed

Over the years, the guideline value of Bhakiyalakshmi Nagar has seen significant changes. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 250 per sq.ft, which increased to Rs 1,004 per sq.ft in the 2024 revision, marking a substantial increase of 302%.

The 2024 revision reflects a noteworthy adjustment from the previous year. The 2023 figure of Rs 250 per sq.ft was a low point, and the leap to Rs 1,004 per sq.ft in 2024 indicates a major shift in the valuation of properties in this area.

Guideline values in Ariyalur

In Ariyalur, there are 24 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,002 to Rs 1,008 per sq.ft. The median guideline value for these streets is Rs 1,002 per sq.ft, placing Bhakiyalakshmi Nagar above this median.

• Ariyalur Colony: Rs 1,008 per sq.ft (2024)
• Appiyamman Nagar: Rs 1,002 per sq.ft (2024)
• Annai Nagar: Rs 1,002 per sq.ft (2024)
• Gandhi Nagar 1st Cross Street: Rs 1,002 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 1,002 per sq.ft (2024)
• Iswariya Nagar (Indian Bank Staff Colony): Rs 1,004 per sq.ft (2024)

Stamp duty and registration fee for property in Bhakiyalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,004 per sq.ft, the total guideline value amounts to Rs 10,04,000. The stamp duty, calculated at 7%, would be Rs 70,280, and the registration fee at 2% would be Rs 20,080, bringing the total cost for these fees to Rs 90,360. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bhakiyalakshmi Nagar?

The Sub Registrar Office that covers Bhakiyalakshmi Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Ariyalur. It serves as a benchmark for determining the minimum price at which properties can be registered, ensuring that the government receives the appropriate revenue from stamp duties and registration fees.

When buying or selling property in this area, it is essential to consider the guideline value, as it can influence the overall transaction costs. Buyers should be aware that the final registration fees will be based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Bhakiyalakshmi Nagar?

The current guideline value of Bhakiyalakshmi Nagar is Rs 1,004 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the 2023 figure at Rs 250 per sq.ft, rising to Rs 1,004 per sq.ft in 2024, marking an increase of 302%.

What classification is Bhakiyalakshmi Nagar?

Bhakiyalakshmi Nagar is classified as Residential Class II Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees in Bhakiyalakshmi Nagar?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, these fees total Rs 90,360.

Where is the Sub Registrar Office for Bhakiyalakshmi Nagar located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.