Guideline Value for Bhuvaneswari Nagar 2nd Cross Street

Bhuvaneswari Nagar 2nd Cross Street guideline value

The current guideline value for Bhuvaneswari Nagar 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Bhuvaneswari Nagar 2nd Cross Street has changed

The guideline value for Bhuvaneswari Nagar 2nd Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 2,345 per sq.ft. The next revision in 2017 saw a significant increase of 49% to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 has further increased the guideline value to Rs 3,850 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery village, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that the guideline value for Bhuvaneswari Nagar 2nd Cross Street is below this median.

• Bhuvaneswari Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar 3rd Street Extn: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar / Chandru Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Bhuvaneswari Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. 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 Bhuvaneswari Nagar 2nd Cross Street?

The Sub Registrar Office that covers Bhuvaneswari Nagar 2nd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for additional information.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government collects the appropriate stamp duty and registration fees. Buyers and sellers must be aware of this value when negotiating property prices to comply with legal requirements.

When a property is sold, the registration office uses the guideline value to calculate the applicable stamp duty and registration fees. This ensures transparency in property transactions and helps prevent undervaluation of properties during the registration process.

Frequently asked questions

What is the current guideline value for Bhuvaneswari Nagar 2nd Cross Street?

The current guideline value for Bhuvaneswari Nagar 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, representing a 10% increase. The value also increased from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, marking a 49% rise.

What is the classification of Bhuvaneswari Nagar 2nd Cross Street?

Bhuvaneswari Nagar 2nd Cross Street is classified as Residential Class II Type - III. This classification affects the guideline value and property use in the area.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles property registrations for the area.

How is stamp duty calculated for properties in Bhuvaneswari Nagar 2nd Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.