Guideline Value for Bhavani street

Bhavani street guideline value

The current guideline value of Bhavani street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO, classified as Residential Class I Type - I.

How the guideline value of Bhavani street has changed

The guideline value for Bhavani street has seen several revisions over the years. In 2012, the value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 3,000 per sq.ft in 2023. The latest revision in 2024 has set the value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, placing Bhavani street's 2024 value above this median.

• Bhasheer St: Rs 1,650 per sq.ft (2024)
• Bharathiyar Street: Rs 2,750 per sq.ft (2024)
• Buddhar Street: Rs 2,750 per sq.ft (2024)
• Bharath Avenue Extension: Rs 2,750 per sq.ft (2024)
• Bharathan Street: Rs 1,650 per sq.ft (2024)
• Cauvery Street: Rs 2,750 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Bhavani street?

The Sub Registrar Office that covers Bhavani street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Chitlapakkam

The guideline value is a crucial factor in property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with registration requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives its due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bhavani street?

The current guideline value of Bhavani street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the classification of Bhavani street?

Bhavani street is classified as Residential Class I Type - I under the Tambaram Joint 1 SRO.

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

The Sub Registrar Office for Bhavani street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be calculated at 7% of that amount.