Guideline Value for Buvaneswari Nagar and Street

Buvaneswari Nagar and Street guideline value

The current guideline value of Buvaneswari Nagar and Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Konnur village, under the Konnur SRO, classified as Residential Special Type - I.

How the guideline value of Buvaneswari Nagar and Street has changed

The guideline value for Buvaneswari Nagar and Street has seen significant changes over the years. The 2007 revision set the value at Rs 500 per sq.ft, which increased dramatically to Rs 5,500 per sq.ft in 2012, marking a 1000% rise. However, it then decreased to Rs 3,685 per sq.ft in 2017, a drop of 33%. The value climbed again to Rs 5,500 per sq.ft in 2023, and most recently, it has risen to Rs 6,000 per sq.ft in the 2024 revision, reflecting a 9% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 value, there has been an increase of 1100%, showcasing significant changes in the guideline value over the years.

Guideline values in Konnur

In Konnur village, there are 249 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft, with a median value of Rs 3,800 per sq.ft. Buvaneswari Nagar and Street's 2024 figure is above this median.

• Bharathi Street: Rs 3,800 per sq.ft (2024)
• Bharathi Nagar: Rs 3,800 per sq.ft (2024)
• Cilanthi Kuttai: Rs 5,500 per sq.ft (2024)
• Damodaran Lane & Street: Rs 5,500 per sq.ft (2024)
• Damodarapurumal Colony 1 to 5th Street and Cross Street: Rs 3,800 per sq.ft (2024)
• Bazaar Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Buvaneswari Nagar and Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total fees to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Buvaneswari Nagar and Street?

The Sub Registrar Office that covers Buvaneswari Nagar and Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Konnur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is registered, the guideline value is used to calculate the applicable fees. It is essential to note that fees are charged based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Buvaneswari Nagar and Street?

The current guideline value of Buvaneswari Nagar and Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 500 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 1100%.

What is the land classification for Buvaneswari Nagar and Street?

Buvaneswari Nagar and Street is classified as Residential Special Type - I.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000, and the registration fee would be Rs 1,20,000, totaling Rs 5,40,000.

Where can I find the Sub Registrar Office for Buvaneswari Nagar and Street?

The Konnur Sub Registrar Office is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.