Guideline Value for Bhuvaneshwari Nagar 1st Street

Bhuvaneshwari Nagar 1st Street guideline value

The current guideline value for Bhuvaneshwari Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

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

The guideline value for Bhuvaneshwari Nagar 1st Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 356 per sq.ft. It increased to Rs 387 per sq.ft in 2003, marking a 9% rise. The value then saw a significant jump to Rs 650 per sq.ft in 2007, which was a 68% increase. In 2012, the guideline value remained at Rs 3,000 per sq.ft, and this figure was unchanged until the 2023 revision.

In 2023, the guideline value was revised to Rs 3,000 per sq.ft, and then increased to Rs 3,300 per sq.ft in 2024, reflecting a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 827%. It is important to note that there is no figure available for the year 2017 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Bhuvaneshwari Nagar 1st Street's 2024 figure below that median.

• Bhuvaneshwari Nagar: Rs 3,300 per sq.ft (2024)
• Bhuvaneswari nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Bhuvaneswari nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Bhavani Nagar: Rs 4,400 per sq.ft (2024)
• B.N.Ramamurthy Nagar: Rs 3,850 per sq.ft (2024)
• Bharathiyar Street: Rs 3,300 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total fees would amount to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhuvaneshwari Nagar 1st Street?

The Bhuvaneshwari Nagar 1st Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Valasaravakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value according to government standards.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, to ensure compliance with local regulations.

Frequently asked questions

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

The current guideline value for Bhuvaneshwari Nagar 1st 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 significantly, starting from Rs 356 per sq.ft in 2002 and reaching Rs 3,300 per sq.ft in 2024, marking an overall increase of 827% since 2002.

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

The registration office for Bhuvaneshwari Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the stamp duty rates for properties in this area?

The stamp duty for properties in Bhuvaneshwari Nagar 1st Street is charged at 7% of the guideline value or sale price, whichever is higher.

Are there other streets with similar guideline values in Valasaravakkam?

Yes, there are several other streets in Valasaravakkam with similar guideline values, including Bhuvaneswari nagar 2nd Street and Bharathiyar Street, both at Rs 3,300 per sq.ft in 2024.