Guideline Value for Bhavani Nagar Extension

Bhavani Nagar Extension guideline value

The current guideline value of Bhavani Nagar Extension is Rs 3,800 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO, classified as Commercial Special Type - II.

How the guideline value of Bhavani Nagar Extension has changed

The guideline value for Bhavani Nagar Extension has seen significant changes over the years. The 2017 revision set the value at Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% increase. The most recent 2024 revision raised the value further to Rs 3,800 per sq.ft, reflecting a 9% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 62%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value across these streets is Rs 1,600 per sq.ft, placing Bhavani Nagar Extension's 2024 figure above this median.

• 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, 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 Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total cost for these fees to Rs 3,42,000. It is essential to note that 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 details on calculating these fees.

Which Sub Registrar Office covers Bhavani Nagar Extension?

The Sub Registrar Office covering Bhavani Nagar Extension 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 plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value in the eyes of the law.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation. Buyers and sellers must be aware of these values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Bhavani Nagar Extension?

The current guideline value of Bhavani Nagar Extension is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, and now to Rs 3,800 per sq.ft in 2024. This represents an overall increase of 62% from 2017 to 2024.

What are the other streets in Madhavaram and their guideline values?

Other streets in Madhavaram have varying guideline values. For example, Bhavani Nagar 2nd Street and Bhavani Nagar 1st Street both have a value of Rs 1,300 per sq.ft in 2024, while Bhavani Nagar, Lakshmipuram has a value of Rs 1,600 per sq.ft.

What fees are associated with buying property in Bhavani Nagar Extension?

When purchasing property in Bhavani Nagar Extension, buyers should be prepared to pay stamp duty at 7% and a registration fee at 2% of the guideline value. For example, on a 1,000 sq.ft plot, the total fees would amount to Rs 3,42,000.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the Bhavani Nagar Extension area.