Guideline Value for Bharathiyar 1st Street

Bharathiyar 1st Street guideline value

The current guideline value of Bharathiyar 1st Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Bharathiyar 1st Street has changed

The guideline value for Bharathiyar 1st Street has undergone several revisions over the years. The latest revision in 2024 set the value at Rs 2,400 per sq.ft, which is an increase from Rs 2,200 per sq.ft in 2023, marking a change of +9%. Prior to that, the value was Rs 1,474 per sq.ft in 2017, reflecting a substantial increase of +49% over six years. The 2012 revision also recorded a value of Rs 2,200 per sq.ft, which was a decrease of -33% from the 2017 figure. The register has no figures for the years 2002, 2003, and 2007.

Overall, from 2012 to 2024, the guideline value has increased by +9%. The 2024 figure of Rs 2,400 per sq.ft is significant as it aligns with the median guideline value for the 1,151 streets in Madambakkam under the Selaiyur SRO, which ranges from Rs 1,100 to Rs 6,000 per sq.ft.

Guideline values in Madambakkam

In Madambakkam, the guideline values vary across different streets. The 2024 guideline value for Bharathiyar 1st Street is equal to the median value of Rs 2,400 per sq.ft. Below are the guideline values for other streets in Madambakkam:

• Bharathiyar 2nd Cross Street: Rs 2,400 per sq.ft (2024)
• Bharathiyar 1st Cross Street: Rs 2,400 per sq.ft (2024)
• Bharathiyar 2nd Street: Rs 2,400 per sq.ft (2024)
• Bharathiyar 3rd Cross Street: Rs 2,400 per sq.ft (2024)
• Bharathiyar 3rd Street: Rs 2,400 per sq.ft (2024)
• Bharathiyar Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathiyar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty, charged at 7%, would amount to Rs 1,68,000, while the registration fee at 2% would be Rs 48,000. Together, the total cost for these fees would be Rs 2,16,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bharathiyar 1st Street?

The Sub Registrar Office that covers Bharathiyar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Madambakkam. It serves as the basis for calculating the stamp duty and registration fees, ensuring that these costs are aligned with the current market conditions as reflected in the official register.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline values set for different areas.

Frequently asked questions

What is the current guideline value of Bharathiyar 1st Street?

The current guideline value of Bharathiyar 1st Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2023 to Rs 2,400 per sq.ft in 2024, a +9% increase. It was Rs 1,474 per sq.ft in 2017, and Rs 2,200 per sq.ft in 2012, showing various fluctuations over the years.

What is the land classification for Bharathiyar 1st Street?

Bharathiyar 1st Street is classified as Commercial Class I Type - II. This classification can influence the types of developments and activities permitted in the area.

Where can I find the Sub Registrar Office for Bharathiyar 1st Street?

The Sub Registrar Office for Bharathiyar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for properties in Bharathiyar 1st Street?

Stamp duty for properties in Bharathiyar 1st Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied to the guideline value.