Guideline Value for Bhuvaneswari Street

Bhuvaneswari Street guideline value

The current guideline value of Bhuvaneswari Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Porunthavakkam village, under the Pallavaram SRO, and is classified as Residential Class I Type - II.

How the guideline value of Bhuvaneswari Street has changed

The guideline value for Bhuvaneswari Street has seen several revisions over the years. In 2003, the value was Rs 495 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The 2012 revision set the value at Rs 2,500 per sq.ft, but it decreased to Rs 1,675 per sq.ft in 2017. Following this, the value rose significantly to Rs 2,500 per sq.ft in 2023 and is now at Rs 2,750 per sq.ft in 2024, marking a 10% increase from the previous year.

Notably, there is no figure available for Bhuvaneswari Street in the 2002 revision. The overall change from 2003 to 2024 reflects a substantial increase of 456% in the guideline value.

Guideline values in Porunthavakkam

In Porunthavakkam village, there are 23 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,760 to Rs 4,950 per sq.ft. The median value is Rs 2,420 per sq.ft, making Bhuvaneswari Street's 2024 figure above that median.

• Balaiah Road: Rs 2,420 per sq.ft (2024)
• Anna Street: Rs 2,420 per sq.ft (2024)
• Almelumangapuram Street: Rs 1,760 per sq.ft (2024)
• Gopal Street: Rs 3,300 per sq.ft (2024)
• Adhisankarar Street: Rs 2,310 per sq.ft (2024)
• Iyapa Nagar: Rs 1,760 per sq.ft (2024)

Stamp duty and registration fee for property in Bhuvaneswari Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the 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, totaling Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Bhuvaneswari Street?

Bhuvaneswari Street 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 additional information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Porunthavakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is conducted at a fair value.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This means that buyers should be aware of the current guideline values to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Bhuvaneswari Street?

The current guideline value of Bhuvaneswari 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 495 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 456% over this period.

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

Other streets in Porunthavakkam include Balaiah Road and Anna Street at Rs 2,420 per sq.ft, Almelumangapuram Street and Iyapa Nagar at Rs 1,760 per sq.ft, Gopal Street at Rs 3,300 per sq.ft, and Adhisankarar Street at Rs 2,310 per sq.ft for 2024.

What is the registration fee for property in Bhuvaneswari Street?

The registration fee for property in Bhuvaneswari Street is calculated based on the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 27,50,000, the registration fee would be Rs 55,000 at a rate of 2%.

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

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