Guideline Value for Bhuvaneswari Nagar

Bhuvaneswari Nagar guideline value

The current guideline value of Bhuvaneswari Nagar, located in Hastinapuram village under the Pallavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - II.

How the guideline value of Bhuvaneswari Nagar has changed

The guideline value for Bhuvaneswari Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 525 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a substantial rise of 471%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, and most recently to Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 529%.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, placing Bhuvaneswari Nagar's 2024 figure above this median.

• Buthar Street: Rs 1,650 per sq.ft (2024)
• Chandrika Garden: Rs 1,650 per sq.ft (2024)
• Bashiyam Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Bashiyam Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Bashiyam Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Bashiyam Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Bhuvaneswari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bhuvaneswari Nagar?

Bhuvaneswari Nagar falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Hastinapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty based on this value.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price, which can significantly influence the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Bhuvaneswari Nagar?

The current guideline value of Bhuvaneswari Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 525 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 529% over the years.

What are the other streets in Hastinapuram with their guideline values?

Other streets in Hastinapuram include Buthar Street and Chandrika Garden at Rs 1,650 per sq.ft, and several streets in Bashiyam Nagar at Rs 3,850 per sq.ft.

What fees are associated with buying property in Bhuvaneswari Nagar?

When purchasing property in Bhuvaneswari Nagar, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Bhuvaneswari Nagar located?

The Sub Registrar Office covering Bhuvaneswari Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.