Guideline Value for Sri Bhagavan Nagar

Sri Bhagavan Nagar guideline value

The current guideline value for Sri Bhagavan Nagar is Rs 385 per sq.ft, effective from 1 July 2024. This area is located in the villages of Orakadu and Kiruthalapuram, under the Redhills SRO, and is classified as Residential Class I Type - I.

How the guideline value of Sri Bhagavan Nagar has changed

Over the years, the guideline value of Sri Bhagavan Nagar has seen several revisions. In the 2007 revision, the guideline value was Rs 300 per sq.ft. This was followed by a rise to Rs 350 per sq.ft in 2012, which then decreased to Rs 234 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 350 per sq.ft, and the most recent revision in 2024 set it at Rs 385 per sq.ft.

From 2017 to 2023, there was a significant increase of 50%. The 2023 to 2024 revision saw a further increase of 10%. Overall, from 2007 to 2024, the guideline value has increased by 28%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Orakadu & Kiruthalapuram

In Orakadu & Kiruthalapuram, there are 34 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 900 per sq.ft. The median guideline value is Rs 385 per sq.ft, which is equal to the current guideline value for Sri Bhagavan Nagar.

• Sri Ramulu Naidu Street: Rs 385 per sq.ft (2024)
• Sri Shanmuga Nagar: Rs 385 per sq.ft (2024)
• Shainsha Baba Nagar: Rs 275 per sq.ft (2024)
• Surveswara Swamy Koil Street: Rs 385 per sq.ft (2024)
• Ramachandra Naidu Street: Rs 385 per sq.ft (2024)
• Vaidegi Nagar: Rs 385 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Bhagavan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 385 per sq.ft, the total guideline value would be Rs 3,85,000. The stamp duty at 7% would be Rs 26,950, and the registration fee at 2% would be Rs 7,700, bringing the total to Rs 34,650. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Bhagavan Nagar?

The Sub Registrar Office that covers Sri Bhagavan Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Orakadu & Kiruthalapuram

The guideline value plays a crucial role in the registration process of properties in Orakadu & Kiruthalapuram. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the government records.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the financial obligations associated with property transactions. Accurate assessment of the guideline value helps in determining the costs involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Sri Bhagavan Nagar?

The current guideline value of Sri Bhagavan Nagar is Rs 385 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 385 per sq.ft in 2024, with various revisions in between, including a drop to Rs 234 per sq.ft in 2017 and a rise to Rs 350 per sq.ft in 2023.

What are the stamp duty and registration fees for properties in Sri Bhagavan Nagar?

For a property valued at Rs 3,85,000, the stamp duty would be Rs 26,950 and the registration fee would be Rs 7,700, totaling Rs 34,650.

Which Sub Registrar Office covers Sri Bhagavan Nagar?

The Redhills Sub Registrar Office covers Sri Bhagavan Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Sri Bhagavan Nagar?

Sri Bhagavan Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.