Guideline Value for Bhuvaneshwari Colony

Bhuvaneshwari Colony guideline value

The current guideline value of Bhuvaneshwari Colony, located in Kodambakkam village under the Ashok Nagar SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Bhuvaneshwari Colony has changed

The guideline value for Bhuvaneshwari Colony has undergone several revisions over the years. In 2007, the value was set at Rs 1,460 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 242%. However, in 2017, it decreased to Rs 3,350 per sq.ft, a drop of 33%. The value then increased to Rs 5,000 per sq.ft in 2023, followed by another rise to Rs 5,500 per sq.ft in 2024, reflecting a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 277%. The revisions indicate a fluctuating trend, with significant increases and decreases at different intervals, particularly notable between the years 2007 and 2012, and again from 2017 to 2024.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 4,900 per sq.ft, positioning Bhuvaneshwari Colony's 2024 figure above this median.

• Bhuddar Street (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• Bharathiyar Colony (1st Avenue): Rs 11,000 per sq.ft (2024)
• Bharathiyar 8th St (Kanu Nagar) NP: Rs 2,200 per sq.ft (2024)
• Bharathi Street (W.M): Rs 5,500 per sq.ft (2024)
• Brammavathy Street (JPT): Rs 4,100 per sq.ft (2024)
• Bharathi Street (M.G.R. Nagar): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bhuvaneshwari Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, leading to a total of Rs 4,95,000. 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 Bhuvaneshwari Colony?

The Sub Registrar Office that covers Bhuvaneshwari Colony is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider the guideline value to ensure compliance with the legal requirements set by the Registration Department.

When a property is registered, the guideline value is used to calculate the applicable charges. It is essential to be aware that the duty is levied based on the higher of the guideline value or the sale price, ensuring that the transaction is fairly assessed.

Frequently asked questions

What is the current guideline value of Bhuvaneshwari Colony?

The current guideline value of Bhuvaneshwari Colony is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,460 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, representing an overall increase of 277%.

What is the land classification for Bhuvaneshwari Colony?

Bhuvaneshwari Colony is classified as Residential Class III Type - I, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and registration fees at 2% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 55,00,000, the total charges would be Rs 4,95,000.

Where is the Sub Registrar Office for Bhuvaneshwari Colony located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, and it is responsible for the registration of properties in Bhuvaneshwari Colony.