Guideline Value for Bhavani Nagar 2nd Street (Ward-01)

Bhavani Nagar 2nd Street (Ward-01) guideline value

The current guideline value of Bhavani Nagar 2nd Street (Ward-01) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, and it falls under the Residential Class III Type - I land classification.

How the guideline value of Bhavani Nagar 2nd Street (Ward-01) has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. It remained unchanged at Rs 1,200 per sq.ft in the 2023 revision. However, the 2024 revision marked an increase to Rs 1,300 per sq.ft, reflecting an 8% rise from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 8%.

The register has no figures for the years 2002, 2003, 2007, and 2017 for this street. The absence of data for these years indicates that there were no recorded changes in the guideline value during that period.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets carrying a guideline value for 2024, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the village is Rs 1,600 per sq.ft, which means that Bhavani Nagar 2nd Street's current value is below this median.

• Bhavani Nagar 1st 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 2nd 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 would be Rs 13,00,000. The stamp duty at 7% would amount to 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 and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Bhavani Nagar 2nd Street (Ward-01)?

The Sub Registrar Office that covers Bhavani Nagar 2nd Street (Ward-01) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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 determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, it is essential to be aware of the guideline value to ensure compliance with local regulations and to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value for Bhavani Nagar 2nd Street?

The current guideline value for Bhavani Nagar 2nd Street (Ward-01) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has remained at Rs 1,200 per sq.ft until the 2024 revision, which increased it to Rs 1,300 per sq.ft. This represents an overall increase of 8% from 2012 to 2024.

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

Other streets in Madhavaram with similar guideline values include Bhavani Nagar 1st Street and Bhavani Nagar (Ward-01), both at Rs 1,300 per sq.ft for 2024.

What is the registration fee for properties in Bhavani Nagar 2nd Street?

The registration fee for properties in Bhavani Nagar 2nd Street is 2% of the guideline value. For example, for a property valued at Rs 13,00,000, the registration fee would be Rs 26,000.

Where can I find the Sub Registrar Office for Bhavani Nagar 2nd Street?

The Sub Registrar Office for Bhavani Nagar 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.