Guideline Value for Sri Bakkya Nagar

Sri Bakkya Nagar guideline value

The current guideline value of Sri Bakkya Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, classified as Residential Class IV Type - I.

How the guideline value of Sri Bakkya Nagar has changed

The guideline value of Sri Bakkya Nagar has undergone several revisions since 2007. In 2007, the guideline value was Rs 500 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, this value decreased to Rs 1,675 per sq.ft in 2017, before rising to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

Notably, there are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a guideline value for 2024 ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value is Rs 3,050 per sq.ft, placing Sri Bakkya Nagar's 2024 figure below the median.

• Sri Ayappa Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sri Ayappa Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sri Ayappa Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sri Ayappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sri Abiramai Nagar: Rs 2,750 per sq.ft (2024)
• Sri Devi Nagar 10th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Bakkya Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be 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, totaling Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use this stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Sri Bakkya Nagar?

Sri Bakkya Nagar falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees payable when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the duty is charged on whichever amount is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sri Bakkya Nagar?

The current guideline value of Sri Bakkya Nagar 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 increased from Rs 500 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting a total increase of 450% over this period.

What are the stamp duty and registration fees for property in Sri Bakkya Nagar?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Sri Bakkya Nagar?

The Virugambakkam Sub Registrar Office covers Sri Bakkya Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Sri Bakkya Nagar?

Sri Bakkya Nagar is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.