Guideline Value for NEW BHUVANESWARI NAGAR

New Bhuvaneswari Nagar guideline value

The current guideline value of New Bhuvaneswari Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Matthur village under the Thiruvottiyur SRO, and it is classified as Residential Special Type - III.

How the guideline value of New Bhuvaneswari Nagar has changed

Over the years, the guideline value for New Bhuvaneswari Nagar has seen significant revisions. In 2007, the guideline value was Rs 100 per sq.ft, which increased dramatically to Rs 1,000 per sq.ft in 2012, marking a 900% rise. However, it then dropped to Rs 670 per sq.ft in 2017, a decrease of 33%. The value increased again to Rs 1,000 per sq.ft in 2023, and most recently, it rose to Rs 1,100 per sq.ft in 2024, which is a 10% 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 2007 to 2024, there has been a substantial increase of 1000% in the guideline value. This reflects the changes in the area's valuation over the years.

Guideline values in Matthur

In Matthur, there are 66 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft, with the median being Rs 1,100 per sq.ft. New Bhuvaneswari Nagar's 2024 figure aligns with this median.

• Nethaji Nagar: Rs 1,100 per sq.ft (2024)
• Nehruji Nagar: Rs 1,100 per sq.ft (2024)
• Omakula Street: Rs 1,100 per sq.ft (2024)
• Om Sakthi Kaligambal Co-Operative Nagar: Rs 2,200 per sq.ft (2024)
• Om Sakthi Kaligambal Co-Operative Nagar Annexe: Rs 2,200 per sq.ft (2024)
• Pada Salai Road: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in New Bhuvaneswari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Bhuvaneswari Nagar?

The Sub Registrar Office that covers New Bhuvaneswari Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Matthur. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps in determining the minimum value at which a property can be registered. This ensures transparency and fairness in property transactions, as it reflects the official valuation set by the authorities.

Frequently asked questions

What is the current guideline value of New Bhuvaneswari Nagar?

The current guideline value of New Bhuvaneswari Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 100 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 1000% over the years.

What is the land classification for New Bhuvaneswari Nagar?

New Bhuvaneswari Nagar is classified as Residential Special Type - III, which indicates the type of residential development permitted in the area.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in New Bhuvaneswari Nagar is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for New Bhuvaneswari Nagar?

The Sub Registrar Office for New Bhuvaneswari Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.