Guideline Value for MAHA KAVI BHARATHI NAGAR 1ST STREET

Maha Kavi Bharathi Nagar 1st Street guideline value

The current guideline value of Maha Kavi Bharathi Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Seevaram village under the Neelankarai SRO, classified as Residential Class II Type - II.

How the guideline value of Maha Kavi Bharathi Nagar 1st Street has changed

The guideline value for Maha Kavi Bharathi Nagar 1st Street has undergone several revisions since its first entry. In 2002, the guideline value was Rs 178 per sq.ft, which increased to Rs 200 per sq.ft in 2003, marking a 12% rise. The value then saw a significant increase to Rs 600 per sq.ft in 2007, representing a 200% change. By 2012, the value had risen to Rs 2,000 per sq.ft, reflecting a 233% increase from the previous revision.

In 2017, the guideline value changed to Rs 1,340 per sq.ft, a decrease of 33%. This was followed by an increase to Rs 2,000 per sq.ft in 2023, a 49% rise. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year. The register has no figure for this street in any other years.

Guideline values in Seevaram

In Seevaram village, there are 84 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,300 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, placing Maha Kavi Bharathi Nagar 1st Street's 2024 figure below that median.

• Maha Kavi Bharathi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• L.R.D.Avenue: Rs 2,200 per sq.ft (2024)
• Manikodi Srinivasan Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 3rd Street: Rs 2,800 per sq.ft (2024)
• Manikodi Srinivasan Nagar 4th Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Maha Kavi Bharathi Nagar 1st Street

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

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Maha Kavi Bharathi Nagar 1st Street?

The Maha Kavi Bharathi Nagar 1st Street falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Seevaram, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, ensuring that both parties are aware of the financial obligations involved in the transaction.

It is essential for buyers and sellers to be informed about the current guideline value to avoid any discrepancies during the registration process. This value serves as a benchmark for both parties, helping to facilitate a smoother transaction.

Frequently asked questions

What is the current guideline value of Maha Kavi Bharathi Nagar 1st Street?

The current guideline value of Maha Kavi Bharathi Nagar 1st Street 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 178 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1136% over the years.

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

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.

Which Sub Registrar Office covers Maha Kavi Bharathi Nagar 1st Street?

The Neelankarai Sub Registrar Office covers Maha Kavi Bharathi Nagar 1st Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification of Maha Kavi Bharathi Nagar 1st Street?

The land classification of Maha Kavi Bharathi Nagar 1st Street is Residential Class II Type - II, indicating its designated use for residential purposes.