Guideline Value for Bharathi Street

Bharathi Street guideline value

The current guideline value of Bharathi Street in Padappai village, under the Padappai SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Bharathi Street has changed

The guideline value of Bharathi Street has undergone several revisions over the years. In 2007, the guideline value was Rs 85 per sq.ft. This figure saw a significant increase to Rs 1,200 per sq.ft in 2012, marking a rise of 1,312%. However, in 2017, the value decreased to Rs 804 per sq.ft, a drop of 33%. The value then increased again to Rs 1,200 per sq.ft in 2023, followed by the current figure of Rs 1,320 per sq.ft in 2024, representing a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has risen by 1,453%. It is important to note that the register has no figures for Bharathi Street for the years 2002 and 2003.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft, with a median value of Rs 830 per sq.ft. The guideline value of Bharathi Street is above this median.

• Bharathi Nagar: Rs 1,320 per sq.ft (2024)
• Bhavani Nagar: Rs 1,320 per sq.ft (2024)
• Bikshi Nagar: Rs 660 per sq.ft (2024)
• B.M.D.Nagar: Rs 1,320 per sq.ft (2024)
• Bazar Street: Rs 3,300 per sq.ft (2024)
• Car Street: Rs 830 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, making the total fees together Rs 1,18,800. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bharathi Street?

The Sub Registrar Office covering Bharathi Street 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 Padappai

The guideline value is a crucial factor when registering property transactions in Padappai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value helps in calculating the applicable fees, which are based on either the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Bharathi Street?

The current guideline value of Bharathi Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 85 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,453% over the years.

What is the land classification for Bharathi Street?

The land classification for Bharathi Street is Residential Class I Type - I, indicating its suitability for residential development.

Where is the Sub Registrar Office for Bharathi Street located?

The Sub Registrar Office for Bharathi Street is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,20,000, the stamp duty at 7% would be Rs 92,400.