Guideline Value for Bhatri Nagar 1st Street

Bhatri Nagar 1st Street guideline value

The current guideline value of Bhatri Nagar 1st Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Bhatri Nagar 1st Street has changed

The guideline value for Bhatri Nagar 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,206 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,800 per sq.ft, and the latest revision in 2024 has further raised it to Rs 1,900 per sq.ft. The changes between these revisions include a decrease of 20% from 2012 to 2017, a significant increase of 49% from 2017 to 2023, and a 6% increase from 2023 to 2024.

It is important to note that the register has no figures for Bhatri Nagar 1st Street for the years 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 27%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, indicating that Bhatri Nagar 1st Street's 2024 figure is below this median.

• Bhatri Nagar 2nd Street: Rs 1,900 per sq.ft (2024)
• Bhatri Nagar 3rd Street: Rs 1,900 per sq.ft (2024)
• Binny Nagar / Binni Employees Colony: Rs 1,900 per sq.ft (2024)
• Boopathy Salai: Rs 1,900 per sq.ft (2024)
• Burma Nagar: Rs 1,900 per sq.ft (2024)
• Balu Naicken Thottam: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Bhatri Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. 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 detailed calculations.

Which Sub Registrar Office covers Bhatri Nagar 1st Street?

The Sub Registrar Office that covers Bhatri Nagar 1st Street is 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 Selavoyal

The guideline value is a crucial factor during the registration of property transactions in Selavoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps to establish a fair price for the transaction, preventing undervaluation. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Bhatri Nagar 1st Street?

The current guideline value of Bhatri Nagar 1st Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024.

What is the stamp duty for property in Bhatri Nagar 1st Street?

The stamp duty for property in Bhatri Nagar 1st Street is 7% of the guideline value or sale price, whichever is higher. For a guideline value of Rs 19,00,000, the stamp duty would be Rs 1,33,000.

Where is the Sub Registrar Office for Bhatri Nagar 1st Street located?

The Madhavaram Sub Registrar Office, which covers Bhatri Nagar 1st Street, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What other streets have the same guideline value in Selavoyal?

Other streets in Selavoyal that have the same guideline value of Rs 1,900 per sq.ft in 2024 include Bhatri Nagar 2nd Street, Bhatri Nagar 3rd Street, Binny Nagar / Binni Employees Colony, Boopathy Salai, Burma Nagar, and Balu Naicken Thottam.