Guideline Value for Bharathi Nagar Annex

Bharathi Nagar Annex guideline value

The current guideline value of Bharathi Nagar Annex is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Valasaravakkam village and falls under the Virugambakkam SRO. The land classification for this region is Residential Class II Type - II.

How the guideline value of Bharathi Nagar Annex has changed

The guideline value for Bharathi Nagar Annex has undergone several revisions since 2002. In 2002, the value was Rs 387 per sq.ft, which increased to Rs 421 per sq.ft in 2003, marking a 9% rise. The following revision in 2007 saw a significant jump to Rs 650 per sq.ft, an increase of 54%. By 2012, the value reached Rs 3,000 per sq.ft, reflecting a substantial increase of 362% from the previous revision. However, from 2012 to 2017, there was a decrease of 33%, bringing the value down to Rs 2,010 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, which is a 64% increase from 2017.

It is important to note that the register has no figure for the year 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 753%, reflecting the changes over the years.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value for Bharathi Nagar Annex is below this median.

• Bharathi Nagar: Rs 3,300 per sq.ft (2024)
• Bharathi Street: Rs 3,850 per sq.ft (2024)
• Bharathidasan Street: Rs 3,300 per sq.ft (2024)
• Bharathidasan 2nd Street: Rs 3,300 per sq.ft (2024)
• Bharathidasan 1st Street: Rs 3,300 per sq.ft (2024)
• Bharathiyar Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathi Nagar Annex

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total charges Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bharathi Nagar Annex?

The Bharathi Nagar Annex area is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Valasaravakkam. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the fees are calculated based on the current market standards set by the government.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is taken into account for calculating the applicable duties. This ensures that the registration process is fair and standardized across different transactions.

Frequently asked questions

What is the current guideline value of Bharathi Nagar Annex?

The current guideline value of Bharathi Nagar Annex 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 increased from Rs 387 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 753% over the years.

What is the land classification for Bharathi Nagar Annex?

Bharathi Nagar Annex is classified as Residential Class II Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same. For example, a 1,000 sq.ft plot would incur total charges of Rs 2,97,000.

Which office handles property registrations in Bharathi Nagar Annex?

The Virugambakkam Sub Registrar Office handles property registrations in Bharathi Nagar Annex, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.