Guideline Value for Bhanu Nagar

Bhanu Nagar guideline value

The current guideline value of Bhanu Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024. This area is located in Chettimedu village under the Redhills SRO, classified as Residential Special Type - I.

How the guideline value of Bhanu Nagar has changed

Looking at the historical revisions, the guideline value for Bhanu Nagar has seen several changes over the years. The 2007 revision set the value at Rs 400 per sq.ft, which increased to Rs 500 per sq.ft in 2012. However, it then decreased to Rs 335 per sq.ft in 2017. The value rose again to Rs 500 per sq.ft in 2023, and most recently, it has doubled to Rs 1,000 per sq.ft in the 2024 revision. The register has no figure for this street for the years 2002 and 2003.

From 2017 to 2023, there was a 49% increase, followed by a significant 100% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 150%. This illustrates the fluctuations in the guideline value over the years.

Guideline values in Chettimedu

In Chettimedu village, there are 26 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 1,008 per sq.ft, with a median value of Rs 1,002 per sq.ft. Bhanu Nagar's current guideline value is below this median.

• Bhuvaneswari Nagar: Rs 1,000 per sq.ft (2024)
• Bai Nagar: Rs 1,002 per sq.ft (2024)
• Baba Nagar: Rs 1,008 per sq.ft (2024)
• Azhagiri Nagar: Rs 1,000 per sq.ft (2024)
• C.K. Mathavan Nagar: Rs 1,002 per sq.ft (2024)
• Dr. Radhakrishnan Nagar: Rs 1,000 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 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, making the total Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhanu Nagar?

Bhanu Nagar falls under 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 Chettimedu

The guideline value is a crucial factor during the registration of property transactions in Chettimedu. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the guideline value serves as a benchmark for the minimum price at which the property can be registered. This ensures that the government receives the appropriate taxes based on the property's value.

Frequently asked questions

What is the current guideline value of Bhanu Nagar?

The current guideline value of Bhanu Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2024, reflecting a 150% increase over the years.

What is the stamp duty rate for property transactions in Bhanu Nagar?

The stamp duty for property transactions in Bhanu Nagar is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers Bhanu Nagar?

Bhanu Nagar is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It serves as a benchmark for the minimum price at which a property can be registered.