Guideline Value for Bharathi Nagar

Bharathi Nagar guideline value

The current guideline value of Bharathi Nagar, located in Erumaiyur village under the Padappai SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under Residential Class I Type - I land classification.

How the guideline value of Bharathi Nagar has changed

The guideline value for Bharathi Nagar has seen several revisions over the years. The earliest recorded revision was in 2012, setting the value at Rs 500 per sq.ft. This was followed by a decrease to Rs 335 per sq.ft in 2017. The 2023 revision marked an increase to Rs 500 per sq.ft, and the most recent revision in 2024 has set the value at Rs 550 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. Notably, there are no recorded figures for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Erumaiyur

Erumaiyur village has 21 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,300 per sq.ft. The median value for these streets is Rs 940 per sq.ft, placing Bharathi Nagar's 2024 figure below that median.

• Dhargas Road: Rs 940 per sq.ft (2024)
• Ek Avenues: Rs 2,630 per sq.ft (2024)
• Ganesh Nagar: Rs 550 per sq.ft (2024)
• GR Nagar and Extn: Rs 940 per sq.ft (2024)
• Indhra Gandhi Street: Rs 550 per sq.ft (2024)
• Keerthi Nagar: Rs 940 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 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, while the registration fee at 2% would be Rs 11,000, bringing the total cost for these fees to Rs 49,500. 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?

The Sub Registrar Office that covers Bharathi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor used during the registration of property transactions in Erumaiyur. 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, both parties must consider the guideline value, as it influences the financial obligations associated with the transaction. This value is essential for transparency and helps prevent undervaluation of properties during registration.

Frequently asked questions

What is the current guideline value of Bharathi Nagar?

The current guideline value of Bharathi Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification for Bharathi Nagar?

Bharathi Nagar falls under Residential Class I Type - I land classification, indicating its designation for residential use.

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

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 49,500.

Which office handles property registrations for Bharathi Nagar?

The Padappai Sub Registrar Office handles property registrations for Bharathi Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.