Guideline Value for New Bungalow Street

New Bungalow Street guideline value

The current guideline value of New Bungalow Street in Chindadripet village, under the Periamet SRO, is Rs 4,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of New Bungalow Street has changed

The guideline value for New Bungalow Street has seen several revisions over the years. The 2007 revision set the value at Rs 4,000 per sq.ft, which increased to Rs 4,500 per sq.ft in 2012. However, the value dropped significantly to Rs 3,015 per sq.ft in 2017. Following this, the 2023 revision raised the value to Rs 4,500 per sq.ft, and the latest revision in 2024 has further increased it to Rs 4,900 per sq.ft.

From 2017 to 2023, there was a notable increase of 49%, followed by a 9% rise from 2023 to 2024. The overall change from the 2007 revision to the 2024 revision reflects a 23% increase. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Chindadripet

In Chindadripet, there are 98 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,500 to Rs 18,100 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing New Bungalow Street's 2024 figure above that median.

• New balakrishna Pillai street: Rs 2,500 per sq.ft (2024)
• Nedunchizhiyan Nagar(Hut): Rs 2,500 per sq.ft (2024)
• Navalar Neduncheziyan Nagar Lanes Slum: Rs 2,500 per sq.ft (2024)
• Navalar Neduncheziyan Nagar Fire Proof House: Rs 2,500 per sq.ft (2024)
• Navalar Neduncheziyan Nagar Coovam River Side: Rs 2,500 per sq.ft (2024)
• Old Bungalow Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in New Bungalow Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, while the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. It is important to note that 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 information.

Which Sub Registrar Office covers New Bungalow Street?

The Sub Registrar Office that covers New Bungalow Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. To locate your SRO, you can find your SRO.

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

The guideline value is a critical factor when registering property in Chindadripet. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in establishing a baseline for the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of New Bungalow Street?

The current guideline value of New Bungalow Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 4,000 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024. Notably, there was a 49% increase from 2017 to 2023 and a 9% increase from 2023 to 2024.

What are the guideline values for other streets in Chindadripet?

Other streets in Chindadripet have guideline values ranging from Rs 2,500 to Rs 18,100 per sq.ft. The median value among these streets is Rs 3,300 per sq.ft.

What fees are associated with buying property in New Bungalow Street?

When purchasing property, buyers should expect to pay stamp duty at 7% and a registration fee at 2% based on the guideline value or sale price, whichever is higher.

Which office handles property registration for New Bungalow Street?

The Periamet Sub Registrar Office handles property registration for New Bungalow Street, located at 1103, Poonamallee High Road, Chennai-600 003.