Guideline Value for Bhavani Colony / Venkatesa Nagar

Bhavani Colony / Venkatesa Nagar guideline value

The current guideline value of Bhavani Colony / Venkatesa Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024. This area is located in Ullagaram village and falls under the Alandur SRO. The land classification for this locality is Residential Class II Type - I.

How the guideline value of Bhavani Colony / Venkatesa Nagar has changed

The guideline value for Bhavani Colony / Venkatesa Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 267 per sq.ft, which increased to Rs 299 per sq.ft in 2003. Following that, the value rose significantly to Rs 1,000 per sq.ft in 2007, then to Rs 2,500 per sq.ft in 2012. However, there was a decline to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, before reaching the current rate of Rs 2,800 per sq.ft in 2024.

Between these revisions, notable changes include a 12% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 150% increase from 2007 to 2012, and a substantial 234% increase from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has increased by 949%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, which matches the current value for Bhavani Colony / Venkatesa Nagar.

• Bharathiyar Street: Rs 2,800 per sq.ft (2024)
• Bharathi Street: Rs 2,200 per sq.ft (2024)
• Bharathidasan Street: Rs 2,800 per sq.ft (2024)
• Bharathi Cross Street: Rs 2,800 per sq.ft (2024)
• Bhaghat Singh Street: Rs 2,800 per sq.ft (2024)
• Chittrasu Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bhavani Colony / Venkatesa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhavani Colony / Venkatesa Nagar?

The Sub Registrar Office that covers Bhavani Colony / Venkatesa Nagar is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Ullagaram. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official rates set by the government.

When a property transaction occurs, the guideline value helps to establish a fair charge for stamp duty, which is calculated on the higher of the guideline value or the agreed sale price. This ensures that the registration process is standardized and transparent for all parties involved.

Frequently asked questions

What is the current guideline value of Bhavani Colony / Venkatesa Nagar?

The current guideline value of Bhavani Colony / Venkatesa Nagar is Rs 2,800 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 267 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 949% over the years.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Bhavani Colony / Venkatesa Nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for this locality?

The Sub Registrar Office for Bhavani Colony / Venkatesa Nagar is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the guideline values of other streets in Ullagaram?

Other streets in Ullagaram have varying guideline values, with rates ranging from Rs 1,700 to Rs 5,500 per sq.ft. For example, Bharathiyar Street and Bharathidasan Street both have a guideline value of Rs 2,800 per sq.ft in 2024.