Guideline Value for Bhuvaneshwari Nagar - Sheela Mohan Street

Bhuvaneshwari Nagar - Sheela Mohan Street guideline value

The current guideline value of Bhuvaneshwari Nagar - Sheela Mohan Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of Bhuvaneshwari Nagar - Sheela Mohan Street has changed

The guideline value for Bhuvaneshwari Nagar - Sheela Mohan Street has undergone several revisions over the years. In 2012, the value was Rs 2,250 per sq.ft, which then decreased to Rs 1,507 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,250 per sq.ft in 2023, and further rose to Rs 2,500 per sq.ft in 2024, marking an increase of 11% from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, there has been an increase of 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Bhuvaneshwari Nagar - Sheela Mohan Street above that median.

• BHUVANESHWARI NAGAR Seeni Bai Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR Thandai Periyar Street & Meenakshi Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR Vinayagam Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR Lakshmanan Street: Rs 2,500 per sq.ft (2024)
• BHUVANESHWARI NAGAR Ganapathy Street: Rs 2,750 per sq.ft (2024)
• BHUVANESHWARI NAGAR Dr.Abdul Kalam Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Bhuvaneshwari Nagar - Sheela Mohan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bhuvaneshwari Nagar - Sheela Mohan Street?

The Sub Registrar Office that covers Bhuvaneshwari Nagar - Sheela Mohan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for additional information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is conducted legally and transparently.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are necessary for completing the sale. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bhuvaneshwari Nagar - Sheela Mohan Street?

The current guideline value of Bhuvaneshwari Nagar - Sheela Mohan Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,250 per sq.ft in 2012 to Rs 1,507 per sq.ft in 2017, then to Rs 2,250 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification of Bhuvaneshwari Nagar - Sheela Mohan Street?

Bhuvaneshwari Nagar - Sheela Mohan Street is classified as Residential Class III Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Bhuvaneshwari Nagar - Sheela Mohan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum price for property registration and helps in calculating the stamp duty and registration fees. It ensures that transactions are conducted legally and that the government receives appropriate revenue from property sales.