Guideline Value for Bharthipuram 1st Street & 2nd Street

Bharthipuram 1st Street & 2nd Street guideline value

The current guideline value for Bharthipuram 1st Street & 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. These streets are located in Nemilicherry village under the Pallavaram SRO, classified as Commercial Class I Type - II.

How the guideline value of Bharthipuram 1st Street & 2nd Street has changed

The guideline value for Bharthipuram 1st Street & 2nd Street has seen several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 in the register for these streets.

From 2007 to 2012, the guideline value increased by 400%. However, it then decreased by 33% from 2012 to 2017. The value saw a substantial increase of 49% from 2017 to 2023, followed by a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, there has been a 450% increase in the guideline value.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value in this village is Rs 2,160 per sq.ft, making the 2024 figure for Bharthipuram 1st Street & 2nd Street above that median.

• Bharthipuram: Rs 2,750 per sq.ft (2024)
• Bharthipuram 3rd Street: Rs 2,750 per sq.ft (2024)
• Bharthipuram 4th Street: Rs 2,750 per sq.ft (2024)
• Bhavani Nagar: Rs 2,200 per sq.ft (2024)
• Bhel Avenue: Rs 2,200 per sq.ft (2024)
• Bharathipuram Kattabomman Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Bharthipuram 1st Street & 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bharthipuram 1st Street & 2nd Street?

The Sub Registrar Office that covers Bharthipuram 1st Street & 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is officially recorded at a fair value.

When buying or selling property, the guideline value impacts the stamp duty and registration fees that are payable. The authorities use this value to calculate the taxes owed, which must be settled before the property can be legally transferred to a new owner.

Frequently asked questions

What is the current guideline value for Bharthipuram 1st Street & 2nd Street?

The current guideline value for Bharthipuram 1st Street & 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, showing an overall increase of 450% over the years.

What are the other streets in Nemilicherry with similar guideline values?

Other streets in Nemilicherry with similar guideline values include Bharthipuram 3rd Street and Bharthipuram 4th Street, both also at Rs 2,750 per sq.ft in 2024.

What is the registration fee for properties in this area?

The registration fee is 2% of the guideline value, which varies depending on the property size and value. For example, a 1,000 sq.ft plot would incur a registration fee of Rs 55,000.

Where can I find the Sub Registrar Office for Bharthipuram 1st Street & 2nd Street?

The Sub Registrar Office for Bharthipuram 1st Street & 2nd Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.