Guideline Value for Bharma Colony

Bharma Colony guideline value

The current guideline value of Bharma Colony in Kodungaiyur village, under the Madhavaram SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Bharma Colony has changed

Looking at the revisions, the guideline value for Bharma Colony has seen several changes over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in the 2017 revision. This was a significant drop of 33%. However, from 2017 to 2023, the value increased to Rs 2,500 per sq.ft, marking a rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 2,700 per sq.ft, reflecting an 8% rise from the previous year.

It is important to note that the register has no figures for Bharma Colony for the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1318 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which is equal to the current guideline value for Bharma Colony.

• Bhavaniamman Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Bharathiyar Street (Vivekananda Nagar): Rs 2,700 per sq.ft (2024)
• Bharathiyar Street extension: Rs 2,700 per sq.ft (2024)
• Bhavani Street: Rs 2,200 per sq.ft (2024)
• Binni Main Road: Rs 2,700 per sq.ft (2024)
• Binny Nagar 1st Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Bharma Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bharma Colony?

The Bharma Colony area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value of property transactions, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is bought or sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Bharma Colony?

The current guideline value of Bharma Colony is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification of Bharma Colony?

Bharma Colony falls under the Residential Class I Type - I land classification.

What are the stamp duty and registration fees for property in Bharma Colony?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.