Guideline Value for Bhuvaneshwari Nagar 1st Street

Bhuvaneshwari Nagar 1st Street guideline value

The current guideline value of Bhuvaneshwari Nagar 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and falls under the Residential Class I Type - II land classification.

How the guideline value of Bhuvaneshwari Nagar 1st Street has changed

The guideline value for Bhuvaneshwari Nagar 1st Street has seen significant changes over the years. In 2002, the guideline value was Rs 244 per sq.ft, which increased to Rs 278 per sq.ft in 2003, marking a 14% rise. The value further increased to Rs 900 per sq.ft in 2007, reflecting a substantial growth of 224%. By 2012, the guideline value was Rs 4,000 per sq.ft, which was a decrease of 33% from the previous revision in 2017, where it rose to Rs 2,680 per sq.ft.

In 2023, the guideline value was Rs 4,000 per sq.ft, and it increased by 10% to Rs 4,400 per sq.ft in the 2024 revision. Overall, from 2002 to 2024, the guideline value has increased by 1,703% for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO, with guideline values ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,900 per sq.ft, placing Bhuvaneshwari Nagar 1st Street's 2024 figure above that median.

• Bhuvaneshwari Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Bhuvaneshwari Nagar 3rd Street: Rs 3,900 per sq.ft (2024)
• Bhuvaneshwari Nagar 4th Street: Rs 3,900 per sq.ft (2024)
• Bhuvaneshwari Nagar 5th Street: Rs 3,900 per sq.ft (2024)
• Bhuvaneshwari Nagar Extension: Rs 3,900 per sq.ft (2024)
• Bhavani Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Bhuvaneshwari Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost would be Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhuvaneshwari Nagar 1st Street?

The Sub Registrar Office that covers Bhuvaneshwari Nagar 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, ensuring that both parties are aware of the official valuation set by the government.

During the registration process, the guideline value is used to assess the applicable fees, which are calculated based on the higher of the guideline value or the actual sale price. This ensures that the transaction is recorded accurately in the official records.

Frequently asked questions

What is the current guideline value of Bhuvaneshwari Nagar 1st Street?

The current guideline value of Bhuvaneshwari Nagar 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 244 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1,703% over this period.

What is the registration office for Bhuvaneshwari Nagar 1st Street?

The registration office for Bhuvaneshwari Nagar 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Bhuvaneshwari Nagar 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 3,08,000.

What are the guideline values for other streets in Adambakkam?

Other streets in Adambakkam have varying guideline values. For instance, Bhuvaneshwari Nagar 2nd Street has a guideline value of Rs 4,400 per sq.ft, while Bhuvaneshwari Nagar 3rd, 4th, and 5th Streets, as well as Bhuvaneshwari Nagar Extension and Bhavani Street, all have a guideline value of Rs 3,900 per sq.ft in 2024.