Guideline Value for Bharathiar Street

Bharathiar Street guideline value

The current guideline value of Bharathiar Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 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 Bharathiar Street has changed

The guideline value for Bharathiar Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 has further increased the value to Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Bharathiar Street's 2024 figure below that median.

• Bharathiar Salai, Mahalakshi Nagar: Rs 2,750 per sq.ft (2024)
• Bharathiar Salai/Madipakkam Main Road: Rs 5,500 per sq.ft (2024)
• Bhagirathi Nagar Vallal Pari Street: Rs 3,850 per sq.ft (2024)
• Bhagirathi Nagar Vallal Ori Street: Rs 3,850 per sq.ft (2024)
• Bharathidasan Salai(Pavendar Bharathidasan Salai): Rs 2,200 per sq.ft (2024)
• Bhagirathi Nagar Vallal Kumanan Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathiar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for accurate calculations.

Which Sub Registrar Office covers Bharathiar Street?

The Sub Registrar Office that covers Bharathiar Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the officially recognized value of the property.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency and fairness in property transactions, as both buyers and sellers must adhere to these established values during the registration process.

Frequently asked questions

What is the current guideline value of Bharathiar Street?

The current guideline value of Bharathiar Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% during this period.

What is the median guideline value in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current value of Bharathiar Street.

What are the stamp duty and registration fees for a property in Bharathiar Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total fees would amount to Rs 1,98,000.

Where is the Sub Registrar Office for Bharathiar Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, covering Bharathiar Street.