Guideline Value for Sri Bhavani Nagar

Sri Bhavani Nagar guideline value

The current guideline value of Sri Bhavani Nagar, located in Pothur village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Sri Bhavani Nagar has changed

The guideline value of Sri Bhavani Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 190 per sq.ft. It then increased significantly to Rs 23 per sq.ft in 2003, followed by a remarkable rise to Rs 300 per sq.ft in 2007. The 2012 revision saw the value at Rs 500 per sq.ft, but it dropped to Rs 335 per sq.ft in 2017. The 2023 revision marked an increase to Rs 500 per sq.ft, leading to the current value of Rs 550 per sq.ft in 2024.

The changes between these revisions reflect a varied trend. From 2002 to 2003, the value decreased by 88%. However, from 2003 to 2007, it surged by 1,204%. The value then increased by 67% from 2007 to 2012, before decreasing by 33% from 2012 to 2017. The value saw a significant increase of 49% from 2017 to 2023, culminating in a 10% rise from 2023 to 2024.

Guideline values in Pothur

In Pothur, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 2,000 per sq.ft. The median value is Rs 550 per sq.ft, which is equal to the current guideline value of Sri Bhavani Nagar.

• Sri Dhanalakshmi Nagar: Rs 550 per sq.ft (2024)
• Sri Jai Balaji Nagar: Rs 550 per sq.ft (2024)
• Sri Krishna Nagar: Rs 440 per sq.ft (2024)
• Sri Sai Nagar: Rs 550 per sq.ft (2024)
• Sri Sai Sakthi Nagar: Rs 440 per sq.ft (2024)
• Sri Sai Sakthi Nagar Annex: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Bhavani Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, while the registration fee at 2% would be Rs 11,000, bringing the total to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Sri Bhavani Nagar?

Sri Bhavani Nagar falls under the jurisdiction of 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 Pothur

The guideline value plays a crucial role during the registration of property transactions in Pothur. When a buyer or seller approaches the registration office, the guideline value is used to determine the applicable stamp duty and registration fees based on the property's value.

It is essential to understand that the guideline value is set by the government and is subject to revisions. Buyers and sellers should ensure they are aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Bhavani Nagar?

The current guideline value of Sri Bhavani Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, increasing from Rs 190 per sq.ft in 2002 to Rs 550 per sq.ft in 2024, with various fluctuations in between.

What is the land classification of Sri Bhavani Nagar?

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

Where is the Redhills Sub Registrar Office located?

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

How is the stamp duty calculated for properties in Sri Bhavani Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 5,50,000 would incur a stamp duty of Rs 38,500 at 7%.