Guideline Value for Bhuvaneswari Nagar 3rd Street

Bhuvaneswari Nagar 3rd Street guideline value

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

How the guideline value of Bhuvaneswari Nagar 3rd Street has changed

The guideline value for Bhuvaneswari Nagar 3rd Street has seen 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. However, the value increased significantly to Rs 3,500 per sq.ft in 2023, marking a 49% rise from the previous figure. The latest revision in 2024 raised the guideline value to Rs 3,850 per sq.ft, reflecting a 10% increase from 2023.

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, there are 2,691 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Bhuvaneswari Nagar 3rd Street's 2024 guideline value is below this median.

• Bhuvaneswari Nagar 3rd Street Extn: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar / Chandru Street: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar Extn: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Bhuvaneswari Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost to Rs 3,46,500. It is essential to remember that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhuvaneswari Nagar 3rd Street?

Bhuvaneswari Nagar 3rd Street falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

When buying or selling property, it is important to be aware of the guideline value as it directly impacts the costs associated with registration. Ensuring that you are informed about the current guideline value can help you better understand the financial implications of your property transaction.

Frequently asked questions

What is the current guideline value of Bhuvaneswari Nagar 3rd Street?

The current guideline value of Bhuvaneswari Nagar 3rd 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, which is a 10% increase. The value saw significant changes from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, marking a 49% increase.

What are the other streets in Velachery with the same guideline value?

Other streets in Velachery with a guideline value of Rs 3,850 per sq.ft include Bhuvaneswari Nagar 3rd Street Extn, Bhuvaneswari Nagar 3rd Cross Street, Bhuvaneswari Nagar / Chandru Street, Bhuvaneswari Nagar Extn, Bhuvaneswari Nagar 2nd Cross Street, and Bhuvaneswari Nagar 1st Cross Street.

What is the registration fee for property in Bhuvaneswari Nagar 3rd Street?

The registration fee for property in Bhuvaneswari Nagar 3rd Street is calculated at 2% of the guideline value. For a property valued at Rs 38,50,000, the registration fee would be Rs 77,000.

Which office handles property registration for Bhuvaneswari Nagar 3rd Street?

The Velacheri Sub Registrar Office handles property registration for Bhuvaneswari Nagar 3rd Street. The office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.