Guideline Value for Bhuvaneshwari Nagar

Bhuvaneshwari Nagar guideline value

The current guideline value of Bhuvaneshwari Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village and falls under the Gooduvancheri SRO. The land classification for this street is Commercial Special Type - I.

How the guideline value of Bhuvaneshwari Nagar has changed

The guideline value of Bhuvaneshwari Nagar has undergone several revisions over the years. The earliest recorded figure is from the 2007 revision, which was Rs 245 per sq.ft. This figure increased significantly to Rs 1,200 per sq.ft in the 2012 revision, marking a rise of 390%. However, the 2017 revision saw a decrease to Rs 804 per sq.ft, a drop of 33%. The guideline value then rose again to Rs 1,200 per sq.ft in both the 2023 and 2024 revisions, showing no change between these two years.

It is important to note that there are no figures available for the years 2002 and 2003 for this street. From 2007 to 2024, the overall increase in guideline value is 390%, reflecting the fluctuations in the earlier revisions.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value range from Rs 800 to Rs 2,000 per sq.ft. The median value is Rs 1,200 per sq.ft, which is equal to the guideline value of Bhuvaneshwari Nagar.

• Bhuvaneshwari Nagar Extn: Rs 1,200 per sq.ft (2024)
• Bhuvaneshwari Nagar Extn-II: Rs 1,200 per sq.ft (2024)
• Bharath Avenue: Rs 1,200 per sq.ft (2024)
• Barkavi Avenue: Rs 1,200 per sq.ft (2024)
• Balaji Nagar Extn: Rs 1,200 per sq.ft (2024)
• Balaji Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bhuvaneshwari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total fees together to Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhuvaneshwari Nagar?

The Sub Registrar Office that covers Bhuvaneshwari Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for further assistance.

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

When buying or selling property in Madambakkam, the guideline value is used as a reference for determining the stamp duty and registration fees. This value is set by the government and is crucial for the registration process, ensuring that the appropriate taxes are paid based on the property’s valuation.

The guideline value serves as a protective measure for both buyers and sellers, as it helps to standardize property prices and ensures transparency in real estate transactions. It is essential to be aware of the current guideline value when engaging in property dealings in the area.

Frequently asked questions

What is the current guideline value of Bhuvaneshwari Nagar?

The current guideline value of Bhuvaneshwari Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most significant increase from Rs 245 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2012. It then decreased to Rs 804 per sq.ft in 2017 before returning to Rs 1,200 per sq.ft in 2023 and 2024.

What is the land classification for Bhuvaneshwari Nagar?

The land classification for Bhuvaneshwari Nagar is Commercial Special Type - I, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Bhuvaneshwari Nagar?

The Sub Registrar Office for Bhuvaneshwari Nagar is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 12,00,000 would incur a stamp duty of Rs 84,000 and a registration fee of Rs 24,000.