Guideline Value for Bharathi Nagar Extension

Bharathi Nagar Extension guideline value

The current guideline value of Bharathi Nagar Extension is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village and falls under the Sembiam SRO, classified as Residential Class I Type - I.

How the guideline value of Bharathi Nagar Extension has changed

Over the years, the guideline value of Bharathi Nagar Extension has seen several revisions. The earliest recorded revision in 2007 set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 200% increase. However, this value dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The most recent revision in 2024 has raised the guideline value to Rs 3,300 per sq.ft, reflecting a 64% increase from the 2017 figure. The register has no figures for the years 2023, 2003, and 2002 for this street.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 230%. This fluctuation in values highlights the changes in property assessments over the years.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value among these streets is Rs 3,300 per sq.ft, which is equal to the guideline value of Bharathi Nagar Extension.

• Bharathi Nagar East Main Road: Rs 3,300 per sq.ft (2024)
• Bharathi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Bharathi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Bharathi Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Bharathi 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 Extension

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, bringing the total cost for these 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bharathi Nagar Extension?

The Bharathi Nagar Extension is covered by the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider the guideline value for calculating applicable stamp duties and registration fees during the transaction process.

When a property is sold, the guideline value is used to ensure that the transaction is recorded accurately and fairly. This helps in maintaining transparency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Bharathi Nagar Extension?

The current guideline value of Bharathi Nagar Extension 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 significantly from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024. Notably, there was a drop to Rs 2,010 per sq.ft in 2017 before the recent increase.

What is the land classification for Bharathi Nagar Extension?

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

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles registrations for properties in Bharathi Nagar Extension.