Guideline Value for Bharathi Nagar

Bharathi Nagar guideline value

The current guideline value of Bharathi Nagar, located in Neelankarai village under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Bharathi Nagar has changed

The guideline value for Bharathi Nagar has seen significant changes over the years. In 2002, the value was Rs 73 per sq.ft, which increased to Rs 80 per sq.ft in 2003, marking a 10% rise. The value then rose substantially to Rs 250 per sq.ft in 2007, reflecting a 213% increase. In 2012, the guideline value was Rs 1,500 per sq.ft, which was a 500% increase from 2007. However, this figure dropped to Rs 1,005 per sq.ft in 2017, showing a decrease of 33%.

From 2017 to 2023, the value climbed to Rs 1,500 per sq.ft, a 49% increase. The most recent revision in 2024 set the guideline value at Rs 1,700 per sq.ft, representing a 13% increase from the previous year. The overall change from 2002 to 2024 is a remarkable 2229% increase.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value for the area is Rs 2,200 per sq.ft, indicating that Bharathi Nagar's 2024 figure is below this median.

• Bharathidasan Street (Vaidyalingam Street): Rs 1,700 per sq.ft (2024)
• Bharathi Nagar 1st Street: Rs 1,700 per sq.ft (2024)
• Bharathiyar Nagar 10th Street: Rs 1,700 per sq.ft (2024)
• Bharathiyar Nagar 11th Street: Rs 1,700 per sq.ft (2024)
• Bharathiyar Nagar 12th Street: Rs 1,700 per sq.ft (2024)
• Bharathiyar Nagar 13th Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. 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 Nagar?

The Sub Registrar Office that covers Bharathi Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor during the registration of property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government collects appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value can influence negotiations between buyers and sellers. However, the final sale price may vary depending on market conditions, but the registration must adhere to the guideline value set forth by the authorities.

Frequently asked questions

What is the current guideline value of Bharathi Nagar?

The current guideline value of Bharathi Nagar is Rs 1,700 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 73 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 2229%.

What is the median guideline value in Neelankarai?

The median guideline value in Neelankarai is Rs 2,200 per sq.ft, which is above the current value of Bharathi Nagar.

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

For a property valued at Rs 17,00,000, the stamp duty is Rs 1,19,000, and the registration fee is Rs 34,000, totaling Rs 1,53,000.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.