Guideline Value for Bhavani Nagar

Bhavani Nagar guideline value

The current guideline value of Bhavani Nagar, located in Pothur village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Bhavani Nagar has changed

In the 2002 revision, the guideline value was set at Rs 225 per sq.ft. It saw a significant increase in the 2003 revision, rising to Rs 23 per sq.ft, followed by a dramatic jump to Rs 200 per sq.ft in 2007. The 2012 revision brought the value back up to Rs 500 per sq.ft, but it decreased to Rs 335 per sq.ft in the 2017 revision. The 2023 revision increased the value to Rs 500 per sq.ft, and the most recent 2024 revision has set it at Rs 550 per sq.ft.

Overall, the changes between revisions show a +144% increase from 2002 to 2024. Notably, the guideline value increased by 10% from 2023 to 2024, and there was a substantial increase of 49% from 2017 to 2023. The value decreased by 33% from 2012 to 2017, while it increased by 150% from 2007 to 2012. The 2003 to 2007 period saw an increase of 770%, and the 2002 to 2003 period experienced a decrease of 90%.

Guideline values in Pothur

Pothur village has 98 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 330 to Rs 2,000 per sq.ft. Bhavani Nagar's 2024 guideline value of Rs 550 per sq.ft is equal to the median value of the area.

• Bhavani Nagar Extension: Rs 550 per sq.ft (2024)
• Deepam Lake View Garden: Rs 550 per sq.ft (2024)
• Dhanalakshmi Nagar: Rs 550 per sq.ft (2024)
• Athithya Nagar: Rs 550 per sq.ft (2024)
• Aswini Nagar Extension: Rs 440 per sq.ft (2024)
• Aswini Nagar: Rs 440 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 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, making a total of Rs 49,500. It is important to note that 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 details.

Which Sub Registrar Office covers Bhavani Nagar?

The Sub Registrar Office that covers Bhavani Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Pothur. It serves as a benchmark for calculating the stamp duty and registration fees that are payable when a property is bought or sold.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable duties and fees. This ensures that the registration process reflects the value of the property in the market.

Frequently asked questions

What is the current guideline value of Bhavani Nagar?

The current guideline value of Bhavani Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 225 per sq.ft in 2002 to Rs 550 per sq.ft in 2024, with various revisions showing increases and decreases in between.

What is the land classification for Bhavani Nagar?

Bhavani Nagar is classified as Residential Class I Type - I, indicating its designation for residential development.

What are the stamp duty and registration fees for property in Bhavani Nagar?

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500.

Where is the Sub Registrar Office for Bhavani Nagar located?

The Sub Registrar Office for Bhavani Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.