Guideline Value for Bogipalayam New 1st lane

Bogipalayam New 1st lane guideline value

The current guideline value of Bogipalayam New 1st lane is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Vepery village, under the Periamet SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Bogipalayam New 1st lane has changed

The guideline value has undergone several revisions over the years. In 2007, the guideline value was Rs 600 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a rise of 317%. However, it then decreased to Rs 1,675 per sq.ft in 2017, reflecting a drop of 33%. The value saw a substantial increase to Rs 2,500 per sq.ft in 2023, and then a further rise to the current value of Rs 2,700 per sq.ft in 2024, which is an increase of 8% from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 350%. The revisions for the years 2002 and 2003 do not have figures available for this street in the register.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 4,800 per sq.ft, placing the 2024 figure for Bogipalayam New 1st lane below this median.

• Bogipalayam New 2nd lane: Rs 2,700 per sq.ft (2024)
• Bogipalayam New 3rd lane: Rs 2,700 per sq.ft (2024)
• Bogipalayam Old lane: Rs 2,700 per sq.ft (2024)
• Brithapet Salai: Rs 11,500 per sq.ft (2024)
• Canal Karai Salai: Rs 4,800 per sq.ft (2024)
• Chengalvarayan Street: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Bogipalayam New 1st lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, leading to a total of Rs 2,43,000. It is important to note that 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 details.

Which Sub Registrar Office covers Bogipalayam New 1st lane?

The Sub Registrar Office that covers Bogipalayam New 1st lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Vepery, as it determines the minimum value at which properties can be registered. When buying or selling a property, the registration process will use the guideline value to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the current guideline value, as it can significantly impact the overall costs involved in the transaction. Ensuring accurate valuation helps in compliance with legal requirements during property registration.

Frequently asked questions

What is the current guideline value for Bogipalayam New 1st lane?

The current guideline value for Bogipalayam New 1st lane is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, with various revisions in between. Significant changes include a rise to Rs 2,500 per sq.ft in 2012, a drop to Rs 1,675 per sq.ft in 2017, and increases in subsequent years.

What is the median guideline value for streets in Vepery?

The median guideline value for streets in Vepery is Rs 4,800 per sq.ft. The guideline value for Bogipalayam New 1st lane is below this median.

What are the registration fees for property in Bogipalayam New 1st lane?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value. For a property valued at Rs 27,00,000, the total fees would amount to Rs 2,43,000.

Where can I find the Sub Registrar Office for Bogipalayam New 1st lane?

The Sub Registrar Office for Bogipalayam New 1st lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.