Guideline Value for Bhavani Nagar (Ward-01)

Bhavani Nagar (Ward-01) guideline value

The current guideline value of Bhavani Nagar (Ward-01) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Bhavani Nagar (Ward-01) has changed

Looking at the revisions over the years, the guideline value remained at Rs 1,200 per sq.ft from the 2012 revision until the 2023 revision, which also recorded Rs 1,200 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, there has been an 8% increase in the guideline value. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Bhavani Nagar (Ward-01) is below this median.

• Bhavani Nagar, Lakshmipuram (Ward-26): Rs 1,600 per sq.ft (2024)
• Bhavani Nagar Extension: Rs 3,800 per sq.ft (2024)
• Bhavani Nagar 2nd Street (Ward-01): Rs 1,300 per sq.ft (2024)
• Bhavani Nagar 1st Street (Ward-01): Rs 1,300 per sq.ft (2024)
• Bhavani Nagar: Rs 1,300 per sq.ft (2024)
• Bhavani Amman Koil St (Ward-07): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bhavani Nagar (Ward-01)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. 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 information.

Which Sub Registrar Office covers Bhavani Nagar (Ward-01)?

The Sub Registrar Office that covers Bhavani Nagar (Ward-01) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for additional details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for calculating the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to determine the official value of the property for registration purposes, ensuring that the appropriate taxes are levied based on this value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Bhavani Nagar (Ward-01)?

The current guideline value of Bhavani Nagar (Ward-01) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen an increase of 8% from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. From 2012 to 2024, there has been an overall increase of 8% as well.

What is the land classification of Bhavani Nagar (Ward-01)?

Bhavani Nagar (Ward-01) is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I calculate the stamp duty and registration fees?

You can calculate the stamp duty and registration fees using the stamp duty and registration fee calculator.

Which office handles registrations for Bhavani Nagar (Ward-01)?

The Madhavaram Sub Registrar Office handles registrations for Bhavani Nagar (Ward-01), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.