Guideline Value for Bikshi Nagar

Bikshi Nagar guideline value

The current guideline value of Bikshi Nagar, located in Padappai village under the Padappai SRO, is Rs 660 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

How the guideline value of Bikshi Nagar has changed

The guideline value for Bikshi Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 50 per sq.ft. This figure increased dramatically to Rs 600 per sq.ft in 2012, marking a significant rise of 1,100%. However, it then decreased to Rs 402 per sq.ft in 2017, reflecting a drop of 33%. The value rebounded to Rs 600 per sq.ft in 2023, before reaching the current rate of Rs 660 per sq.ft in 2024, which is a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 1,220% in the guideline value for Bikshi Nagar.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft, with a median value of Rs 830 per sq.ft. The guideline value for Bikshi Nagar is below this median.

• B.M.D.Nagar: Rs 1,320 per sq.ft (2024)
• Bhavani Nagar: Rs 1,320 per sq.ft (2024)
• Bharathi Street: Rs 1,320 per sq.ft (2024)
• Car Street: Rs 830 per sq.ft (2024)
• Bharathi Nagar: Rs 1,320 per sq.ft (2024)
• Chennai Teachers Guild City Phase-I: Rs 740 per sq.ft (2024)

Stamp duty and registration fee for property in Bikshi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total cost for these fees to Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bikshi Nagar?

The Sub Registrar Office covering Bikshi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Padappai. It serves as a benchmark for determining the stamp duty and registration fees applicable during the property registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the stamp duty, which is charged at a specified percentage. This ensures that the transaction is officially recorded and that the necessary fees are paid to the government.

Frequently asked questions

What is the current guideline value of Bikshi Nagar?

The current guideline value of Bikshi Nagar is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, showing an overall increase of 1,220% over the years.

What is the land classification for Bikshi Nagar?

Bikshi Nagar is classified as Residential Class IV Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property in Bikshi Nagar?

For a property valued at Rs 6,60,000, the stamp duty would be Rs 46,200 and the registration fee would be Rs 13,200, totaling Rs 59,400.

Where is the Sub Registrar Office for Bikshi Nagar located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.