Guideline Value for Bharat Street

Bharat Street guideline value

The current guideline value of Bharat Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of Bharat Street has changed

The guideline value for Bharat Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for Bharat Street for the years 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry 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 Bharat Street's 2024 figure below that median.

• Bharath Street/Thilagar Avenue: Rs 3,300 per sq.ft (2024)
• Bharathiyar Salai,Mahalakshmi Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Bharathiyar Salai, Mahalakshmi Nagar: Rs 2,750 per sq.ft (2024)
• Bharathiyar Road: Rs 2,200 per sq.ft (2024)
• Bharathiyar Nagar/Mahalakshmi Nagar: Rs 2,750 per sq.ft (2024)
• Bhuvaneshwari Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bharat Street

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, while the registration fee at 2% would be Rs 44,000, bringing the total to 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 details on these charges.

Which Sub Registrar Office covers Bharat Street?

The Sub Registrar Office covering Bharat 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to assess the applicable duties, ensuring that the transaction is recorded accurately in the official register. 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 Bharat Street?

The current guideline value of Bharat Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 64%.

What is the median guideline value in Madipakkam-1?

The median guideline value for the streets in Madipakkam-1 is Rs 2,750 per sq.ft, making Bharat Street's value below this median.

What are the registration fees for property in Bharat Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.