Guideline Value for Bhuvaneswari Nagar 7th Street

Bhuvaneswari Nagar 7th Street guideline value

The current guideline value of Bhuvaneswari Nagar 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Commercial Class I Type - I.

How the guideline value of Bhuvaneswari Nagar 7th Street has changed

The guideline value for Bhuvaneswari Nagar 7th Street has seen several revisions over the years. The oldest recorded figure is from 2012, where it was Rs 2,500 per sq.ft. This value decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2024, the value increased significantly by 64%, bringing the current guideline value to Rs 2,750 per sq.ft.

There are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street. Overall, comparing the figures from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in the village is Rs 2,400 per sq.ft, making Bhuvaneswari Nagar 7th Street's current value above this median.

• Bhuvaneswari Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Bhuvaneswari Nagar 8th Street: Rs 2,750 per sq.ft (2024)
• Bhuvaneswari Nagar 6th Cross Street: Rs 2,750 per sq.ft (2024)
• Bhuvaneswari Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Bhuvaneswari Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Bhuvaneswari Nagar 5th Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Bhuvaneswari Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Bhuvaneswari Nagar 7th Street?

The Sub Registrar Office that covers Bhuvaneswari Nagar 7th Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to assess the transaction's legitimacy and to calculate the applicable duties. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating the required fees.

Frequently asked questions

What is the current guideline value of Bhuvaneswari Nagar 7th Street?

The current guideline value of Bhuvaneswari Nagar 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,750 per sq.ft in 2024. Overall, from 2012 to 2024, there has been a 10% increase.

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

Other streets in Madambakkam with the same guideline value of Rs 2,750 per sq.ft include Bhuvaneswari Nagar 6th Street, 8th Street, 6th Cross Street, 9th Street, 5th Street, and 5th Main Road.

What fees are associated with buying property on Bhuvaneswari Nagar 7th Street?

When buying property on Bhuvaneswari Nagar 7th Street, the stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total fee of Rs 2,47,500.

Where can I find the Sub Registrar Office for Bhuvaneswari Nagar 7th Street?

The Sub Registrar Office for Bhuvaneswari Nagar 7th Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.