Guideline Value for Bharathi Nagar Extension

Bharathi Nagar Extension guideline value

The current guideline value of Bharathi Nagar Extension in Madhavaram village, under the Madhavaram SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Bharathi Nagar Extension has changed

In the 2012 revision, the guideline value was Rs 1,500 per sq.ft. This figure remained unchanged in the 2023 revision, where it was still Rs 1,500 per sq.ft. However, the 2024 revision saw an increase to Rs 1,600 per sq.ft, marking a 7% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is equal to the 2024 figure for Bharathi Nagar Extension.

• Bharathi Nagar, Lakshmipuram (Ward-26): Rs 1,600 per sq.ft (2024)
• Bharathi Nagar, Ponniammanmedu (Ward-24): Rs 1,600 per sq.ft (2024)
• Bharathi Nagar (Ward-23): Rs 1,600 per sq.ft (2024)
• Bharathi Nagar (Ward No.26): Rs 1,600 per sq.ft (2024)
• Bharathiyar 2nd St. (Ward-15): Rs 1,600 per sq.ft (2024)
• Bharathiyar 4th Cross Street (Ward-15): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathi Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost Rs 1,44,000. Please note that the 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.

Which Sub Registrar Office covers Bharathi Nagar Extension?

The Sub Registrar Office that covers Bharathi Nagar Extension is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Madhavaram. It determines the minimum value at which the property can be registered, ensuring that the transaction is officially recorded and taxed appropriately.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all property transactions are transparent and comply with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Bharathi Nagar Extension?

The current guideline value of Bharathi Nagar Extension is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,500 per sq.ft in 2023, and then increased to Rs 1,600 per sq.ft in 2024, marking a 7% rise from 2023.

What is the land classification for Bharathi Nagar Extension?

Bharathi Nagar Extension is classified as Residential Class II Type - I.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 16,00,000, the total fees would amount to Rs 1,44,000.

Where can I find the Sub Registrar Office for Bharathi Nagar Extension?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registrations for properties in Bharathi Nagar Extension.