Guideline Value for Bhanu Nagar

Bhanu Nagar guideline value

The current guideline value of Bhanu Nagar, located in Molachoor village under the Sunguvarchattram SRO, is Rs 460 per sq.ft, effective from 1 July 2024. This area is classified as a New House Site Type -I (Individual House Site).

How the guideline value of Bhanu Nagar has changed

Over the years, the guideline value of Bhanu Nagar has seen several revisions. The 2012 revision set the value at Rs 450 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 301 per sq.ft, marking a decrease of 33%. Following this, the value increased significantly to Rs 450 per sq.ft in the 2023 revision, and then to Rs 460 per sq.ft in the 2024 revision, reflecting a 2% increase.

From the 2017 revision to the 2023 revision, there was a notable increase of 50%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 2%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Molachoor

In Molachoor village, there are 112 streets under the Sunguvarchattram SRO, with 2024 guideline values ranging from Rs 300 to Rs 2,000 per sq.ft. The median value for these streets is Rs 600 per sq.ft, placing Bhanu Nagar's 2024 figure below that median.

• Benjamin Naidu Street: Rs 800 per sq.ft (2024)
• B.B Innaiyya Naidu Street: Rs 500 per sq.ft (2024)
• Bharathidhasan Street: Rs 600 per sq.ft (2024)
• Banu Nagar Phase-II: Rs 460 per sq.ft (2024)
• Bharathiyar Street: Rs 600 per sq.ft (2024)
• Balas Garden: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Bhanu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 460 per sq.ft, the total guideline value would be Rs 4,60,000. The stamp duty at 7% would amount to Rs 32,200, and the registration fee at 2% would be Rs 9,200, bringing the total cost for these fees to Rs 41,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhanu Nagar?

The Sub Registrar Office that covers Bhanu Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

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

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction, as these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Bhanu Nagar?

The current guideline value of Bhanu Nagar is Rs 460 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 2012 to Rs 301 per sq.ft in 2017, then increased to Rs 450 per sq.ft in 2023, and finally to Rs 460 per sq.ft in 2024.

What is the land classification for Bhanu Nagar?

Bhanu Nagar is classified as a New House Site Type -I (Individual House Site).

What are the stamp duty and registration fees for property in Bhanu Nagar?

For a property valued at Rs 4,60,000, the stamp duty would be Rs 32,200 and the registration fee would be Rs 9,200, totaling Rs 41,400.

Which office handles property registrations in Bhanu Nagar?

The Sunguvarchattram Sub Registrar Office handles property registrations in Bhanu Nagar, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.