Guideline Value for Bhavani Nagar, Lakshmipuram (Ward-26)

Bhavani Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Bhavani Nagar, Lakshmipuram (Ward-26) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Bhavani Nagar, Lakshmipuram (Ward-26) has changed

The guideline value for Bhavani Nagar, Lakshmipuram has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft. The most recent revision in 2024 increased this to Rs 1,600 per sq.ft, marking a change of +7% from the 2012 figure. The register has no figure for this street for the years 2002, 2003, 2007, 2017, and 2023.

In summary, the guideline value increased from Rs 1,500 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024. The changes reflect adjustments in the guideline value as determined by the Registration Department.

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. The median value across these streets is Rs 1,600 per sq.ft, which is equal to the current guideline value of Bhavani Nagar, Lakshmipuram (Ward-26).

• Bhavani Nagar (Ward-01): Rs 1,300 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, Lakshmipuram (Ward-26)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bhavani Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office that covers Bhavani Nagar, Lakshmipuram (Ward-26) 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 when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring transparency and consistency in property dealings.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership. This ensures that both buyers and sellers are aware of the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Bhavani Nagar, Lakshmipuram (Ward-26)?

The current guideline value of Bhavani Nagar, Lakshmipuram (Ward-26) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 1,500 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, reflecting a +7% increase. The register has no figures for the years 2002, 2003, 2007, 2017, and 2023 for this street.

What is the land classification for Bhavani Nagar, Lakshmipuram (Ward-26)?

Bhavani Nagar, Lakshmipuram (Ward-26) is classified as Residential Class II Type - I. This classification affects the guideline value and property usage in the area.

Where can I find the Madhavaram Sub Registrar Office?

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

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 16,00,000, the stamp duty at 7% would be Rs 1,12,000.