Guideline Value for Bharathi Street

Bharathi Street guideline value

The current guideline value of Bharathi Street in Kolathur village, under the Sembiam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class I Type - I.

How the guideline value of Bharathi Street has changed

Over the years, the guideline value of Bharathi Street has seen significant changes. The earliest recorded figure is from 2002, where the guideline value was Rs 291 per sq.ft. This increased to Rs 316 per sq.ft in 2003, marking a 9% rise. The value then saw a substantial increase to Rs 900 per sq.ft in 2007, which is a 185% jump from the previous year. Following this, the guideline value rose dramatically to Rs 3,000 per sq.ft in 2012, reflecting a 233% increase from 2007.

The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, which is a 10% increase from the 2012 figure. Notably, there are no figures available for the years 2017 and 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by an impressive 1,034%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is the same as the current guideline value for Bharathi Street.

• Bharathi Nagar Extension: Rs 3,300 per sq.ft (2024)
• Bharathi Nagar East Main Road: Rs 3,300 per sq.ft (2024)
• Bharathiyar Street: Rs 3,300 per sq.ft (2024)
• Bharathi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Bharathi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Bharath Rajiv Gandhi Nagar 1st 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Bharathi Street?

The Sub Registrar Office that covers Bharathi Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

When buying or selling property in Kolathur, the guideline value plays a crucial role in determining the registration fees and stamp duties. The guideline value is used as a benchmark to calculate these costs, ensuring that they are based on the official valuation of the property.

It is essential for buyers and sellers to be aware of the guideline value, as it directly impacts the financial aspects of property transactions. The registration process requires the payment of stamp duty and registration fees, which are calculated based on this value.

Frequently asked questions

What is the current guideline value of Bharathi Street?

The current guideline value of Bharathi Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 291 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1,034% over this period.

What is the land classification for Bharathi Street?

Bharathi Street is classified as Residential Class I Type - I, indicating its use for residential purposes.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.