Guideline Value for DR. BHAKTHA REDDY NAGAR

Dr. Bhaktha Reddy Nagar guideline value

The current guideline value of Dr. Bhaktha Reddy Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Dr. Bhaktha Reddy Nagar has changed

The guideline value for Dr. Bhaktha Reddy Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in 2023, and finally, the current 2024 revision has set it at Rs 2,200 per sq.ft. The changes between these revisions include a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

There are no figures available for the years 2002, 2003, and 2007 in the register for Dr. Bhaktha Reddy Nagar. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value among these streets is Rs 2,200 per sq.ft, which is equal to the guideline value of Dr. Bhaktha Reddy Nagar.

• Dr. Bhaktha Reddy Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Dr. Bhaktha Reddy Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Dr. Ambethkar Nagar: Rs 2,200 per sq.ft (2024)
• Dr. Ramadoss Street: Rs 2,200 per sq.ft (2024)
• Dr. Ramaiyah Nagar Part 1 And II: Rs 2,750 per sq.ft (2024)
• Dr. Vimala Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Dr. Bhaktha Reddy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total fees together Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Dr. Bhaktha Reddy Nagar?

The Sub Registrar Office that covers Dr. Bhaktha Reddy Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Medavakkam, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration norms. This value helps in understanding the financial implications of the transaction, including the fees that will be incurred during the registration process.

Frequently asked questions

What is the current guideline value of Dr. Bhaktha Reddy Nagar?

The current guideline value of Dr. Bhaktha Reddy Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Dr. Bhaktha Reddy Nagar?

The land classification for Dr. Bhaktha Reddy Nagar is Residential Class I Type - I.

What are the registration fees for property transactions?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where can I find the Sub Registrar Office for Dr. Bhaktha Reddy Nagar?

The Sub Registrar Office for Dr. Bhaktha Reddy Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.