Guideline Value for Bharathi 1st Cross Street (M.G.R.Nagar)

Bharathi 1st Cross Street (M.G.R.Nagar) guideline value

The current guideline value of Bharathi 1st Cross Street (M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Bharathi 1st Cross Street (M.G.R.Nagar) has changed

The guideline value of Bharathi 1st Cross Street has undergone several revisions over the years. In 2012, the guideline value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, marking a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year’s rate of Rs 3,000 per sq.ft.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Bharathi 1st Cross Street's 2024 figure below that median.

• Bharathi 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Bharathi 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Bharath Colony: Rs 5,500 per sq.ft (2024)
• Bharathidasan Colony: Rs 6,600 per sq.ft (2024)
• Bharathidasan Colony Main Road: Rs 6,600 per sq.ft (2024)
• Bharathidasan Road 1st Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathi 1st Cross Street (M.G.R.Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bharathi 1st Cross Street (M.G.R.Nagar)?

The Sub Registrar Office that covers Bharathi 1st Cross Street (M.G.R.Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodambakkam. It is used to calculate the stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bharathi 1st Cross Street?

The current guideline value of Bharathi 1st Cross Street (M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, a 10% increase. It was Rs 2,010 per sq.ft in 2017, which was a significant increase from Rs 3,000 per sq.ft in 2012.

What is the land classification for Bharathi 1st Cross Street?

Bharathi 1st Cross Street (M.G.R.Nagar) is classified as Residential Class IV Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Bharathi 1st Cross Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in this area?

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 2,97,000.