Guideline Value for Bhavani Nagar

Bhavani Nagar guideline value

The current guideline value of Bhavani Nagar, located in Nemilicherry village under the Pallavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - III.

How the guideline value of Bhavani Nagar has changed

The guideline value for Bhavani Nagar has undergone several revisions over the years. The earliest recorded figure was Rs 250 per sq.ft in 2007. This value saw a significant increase of 780% to reach Rs 2,200 per sq.ft in the 2012 revision. However, in 2017, the value decreased by 33% to Rs 1,474 per sq.ft. The subsequent revision in 2023 raised the value to Rs 2,000 per sq.ft, marking a 36% increase. The latest revision in 2024 further increased the guideline value by 10% to the current rate of Rs 2,200 per sq.ft.

It is important to note that the guideline value register does not have figures for the years 2002 and 2003 for this street. Thus, the changes in those years are not available.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft, with a median value of Rs 2,160 per sq.ft. The guideline value for Bhavani Nagar is above this median.

• Bharthipuram 4th Street: Rs 2,750 per sq.ft (2024)
• Bharthipuram 3rd Street: Rs 2,750 per sq.ft (2024)
• Bharthipuram 1st Street & 2nd Street: Rs 2,750 per sq.ft (2024)
• Bharthipuram: Rs 2,750 per sq.ft (2024)
• Bhel Avenue: Rs 2,200 per sq.ft (2024)
• Bharathipuram Kattabomman Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Bhavani Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is essential 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 details.

Which Sub Registrar Office covers Bhavani Nagar?

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

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

The guideline value is a crucial factor in property transactions in Nemilicherry. It serves as the minimum value on which stamp duty and registration fees are calculated during the registration of property transactions. This ensures that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps in determining the official value of the property, which is essential for legal and financial purposes. It is advisable to check the latest guideline values before proceeding with any transactions.

Frequently asked questions

What is the current guideline value of Bhavani Nagar?

The current guideline value of Bhavani Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 780% since 2007.

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

Other streets in Nemilicherry include Bharthipuram 4th Street, Bharthipuram 3rd Street, Bharthipuram 1st Street & 2nd Street, Bharthipuram, Bhel Avenue, and Bharathipuram Kattabomman Street, with values ranging from Rs 2,200 to Rs 2,750 per sq.ft in 2024.

How is the stamp duty calculated for properties in Bhavani Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000.

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

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