Guideline Value for Bhavani Street

Bhavani Street guideline value

The current guideline value of Bhavani Street is Rs 2,200 per sq.ft, effective from July 1, 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Bhavani Street has changed

Over the years, the guideline value of Bhavani Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value significantly increased by 49% to reach Rs 2,000 per sq.ft, followed by a further increase of 10% in the 2024 revision, bringing the current value to Rs 2,200 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

In summary, the guideline value has increased by 10% from 2012 to 2024. The changes from the earlier revisions include a decrease of 33% from 2012 to 2017, and a notable increase of 10% from 2023 to 2024.

Guideline values in Kodungaiyur

Kodungaiyur has 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value in the area is Rs 2,700 per sq.ft, indicating that Bhavani Street's current value is below this median.

• Bhavaniamman Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Bharma Colony: Rs 2,700 per sq.ft (2024)
• Bharathiyar Street (Vivekananda Nagar): Rs 2,700 per sq.ft (2024)
• Binni Main Road: Rs 2,700 per sq.ft (2024)
• Binny Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Binny Nagar Main Road: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Bhavani Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. Note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Bhavani Street?

The Sub Registrar Office covering Bhavani Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Kodungaiyur. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a benchmark for both parties. It helps in assessing the transaction value and ensuring compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Bhavani Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Bhavani Street?

Bhavani Street is classified as Residential Class II Type - I.

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

The Madhavaram Sub Registrar Office covers Bhavani Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Bhavani Street?

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