Guideline Value for Bhavani Nagar 1st Street (Ward-01)

Bhavani Nagar 1st Street (Ward-01) guideline value

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

How the guideline value of Bhavani Nagar 1st Street (Ward-01) has changed

The guideline value for Bhavani Nagar 1st Street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 1,200 per sq.ft. This figure remained unchanged in the 2023 revision, but in the 2024 revision, it increased to Rs 1,300 per sq.ft, marking an 8% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The register does not have 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 1st Street is below this median.

• Bhavani Nagar 2nd Street (Ward-01): Rs 1,300 per sq.ft (2024)
• Bhavani Nagar Extension: Rs 3,800 per sq.ft (2024)
• Bhavani Nagar, Lakshmipuram (Ward-26): Rs 1,600 per sq.ft (2024)
• Bhavani Nagar (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 1st Street (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 amounts to 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 detailed calculations.

Which Sub Registrar Office covers Bhavani Nagar 1st Street (Ward-01)?

The Sub Registrar Office that covers Bhavani Nagar 1st Street (Ward-01) 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 Madhavaram

The guideline value is a crucial factor in property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration of property sales.

When buying or selling property, it is essential to be aware of the guideline value, as it can impact the overall cost of the transaction significantly. Buyers should ensure that they are informed about the current guideline values to avoid any discrepancies during registration.

Frequently asked questions

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

The current guideline value of Bhavani Nagar 1st Street (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 increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 8% from 2012 to 2024.

What is the land classification for Bhavani Nagar 1st Street?

The land classification for Bhavani Nagar 1st Street is Residential Class III Type - I.

Where can I find the registration office for Bhavani Nagar 1st Street?

The registration office for Bhavani Nagar 1st Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Bhavani Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 13,00,000, the stamp duty at 7% would be Rs 91,000.