Guideline Value for Bhuvaneswari Nagar

Bhuvaneswari Nagar guideline value

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

How the guideline value of Bhuvaneswari Nagar has changed

The guideline value for Bhuvaneswari Nagar has seen several revisions over the years. Starting from the 2012 revision, the value was Rs 3,500 per sq.ft. This figure remained until the 2017 revision, where it decreased to Rs 2,345 per sq.ft. However, the 2023 revision marked a significant increase to Rs 3,500 per sq.ft, followed by the current value of Rs 3,850 per sq.ft from the 2024 revision.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023, and by 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Bhuvaneswari Nagar's 2024 figure below this median.

• Bhuvaneswari Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Bhuvaneswari Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Bhuvaneshwari Nagar / V.O.R. Station Road: 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)

Stamp duty and registration fee for property in Bhuvaneswari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 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 fees 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 detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhuvaneswari Nagar?

The Sub Registrar Office that covers Bhuvaneswari Nagar is 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 it comes to property transactions in Velachery. It serves as a reference for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that are applicable during the buying or selling process.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This helps maintain transparency in the real estate market and ensures that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Bhuvaneswari Nagar?

The current guideline value of Bhuvaneswari Nagar 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 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the stamp duty rate for properties in Bhuvaneswari Nagar?

The stamp duty rate for properties in Bhuvaneswari Nagar is 7%, which is calculated based on the higher of the guideline value or the sale price.

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

The Velacheri Sub Registrar Office covers Bhuvaneswari Nagar and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Velachery?

The median guideline value for streets in Velachery is Rs 4,400 per sq.ft, while Bhuvaneswari Nagar's current value is below this median at Rs 3,850 per sq.ft.