Guideline Value for Bhuvaneshwari Nagar 2nd Street

Bhuvaneshwari Nagar 2nd Street guideline value

The current guideline value of Bhuvaneshwari Nagar 2nd 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 is classified as Residential Class I Type - II.

How the guideline value of Bhuvaneshwari Nagar 2nd Street has changed

The guideline value for Bhuvaneshwari Nagar 2nd Street has undergone several revisions over the years. The earliest recorded value in 2002 was Rs 244 per sq.ft, which increased to Rs 278 per sq.ft in 2003. Following this, the value saw significant increases, reaching Rs 900 per sq.ft in 2007. By 2012, the value was Rs 4,000 per sq.ft, but it dropped to Rs 2,680 per sq.ft in 2017. The value then rose again to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,703%. The revisions from 2012 to 2017 saw a decrease of 33%, while the increase from 2017 to 2023 was 49%. The substantial rise from 2007 to 2012 was 344%, and from 2003 to 2007, the increase was 224%. The register has no figures for the years not mentioned above.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, placing Bhuvaneshwari Nagar 2nd Street above this median.

• Bhuvaneshwari Nagar 3rd Street: Rs 3,900 per sq.ft (2024)
• Bhuvaneshwari Nagar 1st Street: Rs 4,400 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhuvaneshwari Nagar 2nd Street?

Bhuvaneshwari Nagar 2nd Street falls under 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 essential in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is used to determine the applicable fees, which are charged based on the higher of the guideline value or the actual sale price. This process helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Bhuvaneshwari Nagar 2nd Street?

The current guideline value of Bhuvaneshwari Nagar 2nd 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 increased significantly from Rs 244 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting a total increase of 1,703% over this period.

What is the stamp duty rate for properties in Bhuvaneshwari Nagar 2nd Street?

The stamp duty rate for properties in Bhuvaneshwari Nagar 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Bhuvaneshwari Nagar 2nd Street?

The Alandur Sub Registrar Office handles property registrations for Bhuvaneshwari Nagar 2nd Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the median guideline value for streets in Adambakkam?

The median guideline value for streets in Adambakkam under the Alandur SRO is Rs 3,900 per sq.ft, with Bhuvaneshwari Nagar 2nd Street being above this median at Rs 4,400 per sq.ft.