Guideline Value for Bharathi Street (Venkatesa Nagar)

Bharathi Street (Venkatesa Nagar) guideline value

The current guideline value of Bharathi Street (Venkatesa Nagar) is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Bharathi Street (Venkatesa Nagar) has changed

The guideline value for Bharathi Street has seen several revisions over the years. The earliest recorded figure is from 2007, when it was Rs 1,100 per sq.ft. This value increased significantly to Rs 4,000 per sq.ft in 2012, marking a 264% rise. However, by 2017, the value dropped to Rs 2,680 per sq.ft, representing a decrease of 33%. The guideline value then rose to Rs 4,000 per sq.ft in 2023, a 49% increase. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for Bharathi Street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the current figure for Bharathi Street.

• BHASKAR COLONY 1st Street: Rs 5,500 per sq.ft (2024)
• BHASKAR COLONY 2nd Street: Rs 5,500 per sq.ft (2024)
• BHASKAR COLONY 3rd Street: Rs 5,500 per sq.ft (2024)
• BHASKAR COLONY - Bharathidasan Street: Rs 5,500 per sq.ft (2024)
• Bhattachariar Street Kaliamman Koil Street: Rs 5,500 per sq.ft (2024)
• Boopathi Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathi Street (Venkatesa Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. It is important to 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 accurate calculations.

Which Sub Registrar Office covers Bharathi Street (Venkatesa Nagar)?

The Sub Registrar Office that covers Bharathi Street (Venkatesa Nagar) is 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 Virugambakkam

When buying or selling property in Virugambakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty payable. These fees are calculated based on the guideline value per sq.ft or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline values, as they directly impact the financial obligations involved in property registration. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Bharathi Street (Venkatesa Nagar)?

The current guideline value of Bharathi Street (Venkatesa Nagar) is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,100 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024. There have been various revisions, with the most notable increase occurring from 2012 to 2017 and again from 2023 to 2024.

What is the land classification for Bharathi Street?

Bharathi Street (Venkatesa Nagar) is classified as Residential Class III Type - I. This classification affects the guideline value and the types of properties that can be developed in the area.

Where can I find the Sub Registrar Office for Bharathi Street?

The Sub Registrar Office for Bharathi Street (Venkatesa Nagar) is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Bharathi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.