Guideline Value for Bhavani Nagar

Bhavani Nagar guideline value

The current guideline value of Bhavani Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Bhavani Nagar has changed

The guideline value of Bhavani Nagar has seen significant changes over the years. Starting from Rs 400 per sq.ft in 2002, it increased to Rs 435 per sq.ft in 2003, marking a 9% rise. The value then rose to Rs 500 per sq.ft in 2007, reflecting a 15% increase. A substantial jump occurred between 2007 and 2012, where the value surged to Rs 4,000 per sq.ft, resulting in a remarkable 700% increase. However, from 2012 to 2017, the value dropped to Rs 2,680 per sq.ft, a decrease of 33%.

In the latest revision from 2017 to 2024, the guideline value increased significantly to Rs 4,400 per sq.ft, which is a 64% rise. Overall, from 2002 to 2024, the guideline value has increased by 1000%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Bhavani Nagar's 2024 figure above this median.

• Bhuvaneshwari Nagar: Rs 3,300 per sq.ft (2024)
• Bhuvaneshwari Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Bhuvaneswari nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Bhuvaneswari nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Bharathiyar Street: Rs 3,300 per sq.ft (2024)
• B.N.Ramamurthy Nagar: Rs 3,850 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important 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 that covers Bhavani Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

When buying or selling property in Valasaravakkam, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is used as a reference point to ensure that property transactions are recorded accurately and fairly.

It is essential for buyers and sellers to be aware of the guideline value as it directly impacts the costs associated with property transactions. This value is updated periodically, reflecting changes in the real estate market.

Frequently asked questions

What is the current guideline value of Bhavani Nagar?

The current guideline value of Bhavani Nagar is Rs 4,400 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 400 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1000% over this period.

What is the median guideline value in Valasaravakkam?

The median guideline value for streets in Valasaravakkam is Rs 3,850 per sq.ft, with Bhavani Nagar's 2024 figure being above this median.

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

The stamp duty for property in Bhavani Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Bhavani Nagar located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.