Guideline Value for Bogipalayam New 2nd lane

Bogipalayam New 2nd lane guideline value

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

How the guideline value of Bogipalayam New 2nd lane has changed

The guideline value for Bogipalayam New 2nd lane has seen several revisions over the years. In 2007, the value was set at Rs 600 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a 317% rise. However, by 2017, the value dropped to Rs 1,675 per sq.ft, a decrease of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, followed by a further increase to Rs 2,700 per sq.ft in 2024, reflecting an 8% change.

Overall, from 2007 to 2024, the guideline value has increased by 350%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, 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 value for these streets is Rs 4,800 per sq.ft, indicating that the 2024 figure for Bogipalayam New 2nd lane is below this median.

• Bogipalayam New 1st 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 2nd 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, charged at 7%, would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, the total cost would be Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bogipalayam New 2nd lane?

The Sub Registrar Office that covers Bogipalayam New 2nd lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. For more details, you can find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Vepery. It serves as a benchmark for determining the registration fees and stamp duties applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to accurately calculate the costs involved in the registration process.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees. This value helps in establishing the official worth of the property for legal and taxation purposes, ensuring that all parties involved are aware of the financial obligations associated with the transaction.

Frequently asked questions

What is the current guideline value for Bogipalayam New 2nd lane?

The current guideline value for Bogipalayam New 2nd 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, showing an overall increase of 350% over the years.

What is the land classification for Bogipalayam New 2nd lane?

The land classification for Bogipalayam New 2nd lane is Residential Class IV Type - I.

What are the stamp duty rates applicable for property transactions?

The stamp duty for property transactions in this area is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Bogipalayam New 2nd lane?

The Sub Registrar Office for Bogipalayam New 2nd lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.