Guideline Value for Bhavani Nagar

Bhavani Nagar guideline value

The current guideline value of Bhavani Nagar, located in Kovilambakkam village under the Pallavaram SRO, is Rs 2,160 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Bhavani Nagar has changed

The guideline value for Bhavani Nagar has undergone significant changes over the years. In 2002, the guideline value was Rs 73 per sq.ft, which increased to Rs 91 per sq.ft in 2003. Following this, the value saw a substantial rise to Rs 350 per sq.ft in 2007, and then it jumped to Rs 2,000 per sq.ft in 2012. However, from 2012 to 2017, there was a decrease to Rs 1,340 per sq.ft. The value then rose again to Rs 2,000 per sq.ft in 2023 before reaching the current value of Rs 2,160 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 25% from 2002 to 2003, followed by a 285% rise from 2003 to 2007. There was a significant increase of 471% from 2007 to 2012, but a decline of 33% occurred from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was an 8% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 2,859%.

Guideline values in Kovilambakkam

Kovilambakkam has 61 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,610 per sq.ft, with a median value of Rs 2,750 per sq.ft. Bhavani Nagar's 2024 guideline value is below this median.

• Chinna Kovilambakkam 6 To 14 Streets: Rs 2,750 per sq.ft (2024)
• Durakaiyamman Salai: Rs 2,200 per sq.ft (2024)
• AnnaSalai 1 to 10 Streets: Rs 2,160 per sq.ft (2024)
• Ganapathi Nagar: Rs 2,750 per sq.ft (2024)
• Ganapathy Nagar 1 To 5 Streets: Rs 2,750 per sq.ft (2024)
• Gandhi Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Bhavani Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total to Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhavani Nagar?

The Sub Registrar Office that covers Bhavani Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor during property transactions in Kovilambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it directly impacts the stamp duty and registration fees payable at the time of registration.

When a property is sold, the registration office uses the guideline value to calculate the applicable stamp duty and registration fees. This ensures that the government receives the correct revenue based on the property's value, as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Bhavani Nagar?

The current guideline value of Bhavani Nagar is Rs 2,160 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 73 per sq.ft in 2002 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 2,859% over the years.

What is the land classification for Bhavani Nagar?

The land classification for Bhavani Nagar is Residential Class II Type - I, indicating its designation for residential use.

What are the stamp duty rates for properties in Bhavani Nagar?

The stamp duty rate for properties in Bhavani Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for Bhavani Nagar?

The Sub Registrar Office covering Bhavani Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.