Guideline Value for Bhavapet Street

Bhavapet Street guideline value

The current guideline value of Bhavapet Street, located in the 2nd Division village under the Kanchipuram Joint IV SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Bhavapet Street has changed

In the 2012 revision, the guideline value was set at Rs 1,000 per sq.ft. This figure remained until the 2017 revision, which saw a decrease to Rs 670 per sq.ft, marking a change of -33%. The value increased significantly in the following revisions, reaching Rs 1,000 per sq.ft in 2023, which was a 49% increase from the 2017 figure. The latest revision in 2024 has further increased the value to Rs 1,100 per sq.ft, reflecting a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for Bhavapet Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in 2nd Division

In the 2nd Division village under the Kanchipuram Joint IV SRO, there are 101 streets with a 2024 guideline value ranging from Rs 800 to Rs 11,000 per sq.ft, with a median value of Rs 1,650 per sq.ft. Bhavapet Street's 2024 guideline value is below this median.

• Bhavapet Back Street: Rs 1,100 per sq.ft (2024)
• Bus Stand: Rs 5,500 per sq.ft (2024)
• Chairman A.K.Thangavel Street: Rs 880 per sq.ft (2024)
• Bangarau Aasappan Street: Rs 1,100 per sq.ft (2024)
• Bakrapet Thumbavanam: Rs 1,100 per sq.ft (2024)
• Bakrapet Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Bhavapet Street

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. 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 further calculations.

Which Sub Registrar Office covers Bhavapet Street?

The Sub Registrar Office that covers Bhavapet Street is the Kanchipuram Joint IV Sub Registrar Office, located at Kamarajar Road, Taluk Office Campus, Kanchipuram-631 501, Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in 2nd Division

The guideline value plays a crucial role during the registration of property transactions in 2nd Division. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs associated with the registration process. Buyers should be aware of these values to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Bhavapet Street?

The current guideline value of Bhavapet Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Bhavapet Street?

Bhavapet Street is classified under Residential Class II Type - II.

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

The Sub Registrar Office for Bhavapet Street is the Kanchipuram Joint IV Sub Registrar Office, located at Kamarajar Road, Taluk Office Campus, Kanchipuram-631 501, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Bhavapet Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 11,00,000, the stamp duty would be Rs 77,000.