Guideline Value for Bharathi Street

Bharathi Street guideline value

The current guideline value of Bharathi Street in Nanganallur village, under the Alandur SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Bharathi Street has changed

The guideline value for Bharathi Street has seen several revisions over the years. In 2002, the value was Rs 288 per sq.ft, which increased to Rs 327 per sq.ft in 2003. The following revisions showed a significant jump, with the value rising to Rs 700 per sq.ft in 2007, then to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017, before increasing again to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 has set the guideline value at Rs 2,800 per sq.ft.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it rose by 12%. The most notable change occurred between 2007 and 2012, where the value decreased by 33%. Overall, from 2002 to 2024, the guideline value has increased by 872%.

Guideline values in Nanganallur

In Nanganallur, there are 155 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, placing Bharathi Street's 2024 figure below that median.

• Balu Samy Naidu Street (Balu Samy Street): Rs 4,400 per sq.ft (2024)
• Bala Vinayagar Murthy Colony: Rs 3,300 per sq.ft (2024)
• Bala Vinayagar Koil Street: Rs 3,300 per sq.ft (2024)
• Church Street: Rs 4,400 per sq.ft (2024)
• Collage Road Main: Rs 5,500 per sq.ft (2024)
• Avvaiyar Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees together to Rs 2,52,000. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Bharathi Street?

The Sub Registrar Office that covers Bharathi Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor when buying or selling property in Nanganallur. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is crucial for calculating the stamp duty and registration fees that are payable during the registration process.

When a property is sold, the sale price must be compared with the guideline value. The higher of the two values will be used to calculate the applicable stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bharathi Street?

The current guideline value of Bharathi Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 288 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Bharathi Street?

Bharathi Street is classified as Residential Class II Type - I, which indicates its suitability for residential purposes.

What are the stamp duty and registration fees for properties in Bharathi Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft property would incur a total fee of Rs 2,52,000 based on the current guideline value.

Where is the Sub Registrar Office for Bharathi Street located?

The Alandur Sub Registrar Office covers Bharathi Street and is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.