Guideline Value for SRI BHAVANI NAGAR EXTN

Sri Bhavani Nagar Extn guideline value

The current guideline value of Sri Bhavani Nagar Extn is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kovilancheri village and falls under the Tambaram Joint 1 SRO. The land classification for this street is Mixed Type - III.

How the guideline value of Sri Bhavani Nagar Extn has changed

The guideline value for Sri Bhavani Nagar Extn has undergone several revisions over the years. The 2017 revision recorded a guideline value of Rs 2,500 per sq.ft, which remained unchanged until the 2023 revision. In 2023, the guideline value was again Rs 2,500 per sq.ft, but with the 2024 revision, it increased to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

From the 2017 revision to the 2024 revision, the overall change is also a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kovilancheri

In Kovilancheri, there are 13 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 4,130 per sq.ft. The median guideline value for these streets is Rs 1,660 per sq.ft, placing Sri Bhavani Nagar Extn's 2024 figure above that median.

• Sri Bhavani Ngar: Rs 1,100 per sq.ft (2024)
• Sri Rajeswari Avenue: Rs 1,100 per sq.ft (2024)
• Sriram Nagar: Rs 1,650 per sq.ft (2024)
• Rakeshsharma Nagar: Rs 1,100 per sq.ft (2024)
• Elite Crystal Gate: Rs 2,750 per sq.ft (2024)
• El Castillo: Rs 4,110 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Bhavani Nagar Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Bhavani Nagar Extn?

The Sub Registrar Office that covers Sri Bhavani Nagar Extn is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Kovilancheri. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory during the registration process. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When a property transaction occurs, the guideline value is compared with the sale price. The higher of the two values is used to determine the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sri Bhavani Nagar Extn?

The current guideline value of Sri Bhavani Nagar Extn is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023, and then increased to Rs 2,750 per sq.ft in 2024, marking a 10% increase from 2023.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 2,750 per sq.ft incurs total fees of Rs 2,47,500.

Which Sub Registrar Office covers Sri Bhavani Nagar Extn?

The Tambaram Joint 1 Sub Registrar Office covers Sri Bhavani Nagar Extn, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification for Sri Bhavani Nagar Extn?

The land classification for Sri Bhavani Nagar Extn is Mixed Type - III, which is relevant for determining the guideline value.