Guideline Value for BAZAAR LANE

Bazaar Lane guideline value

The current guideline value of Bazaar Lane in Mylapore village, under the Mylapore SRO, is Rs 4,900 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class V Type - II.

How the guideline value of Bazaar Lane has changed

The guideline value for Bazaar Lane has seen significant changes over the years. In 2002, the guideline value was Rs 903 per sq.ft, which increased to Rs 1,003 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose to Rs 1,540 per sq.ft, a substantial increase of 54%. The next revision in 2012 set the value at Rs 4,500 per sq.ft, reflecting a remarkable increase of 192% from the 2007 figure.

From 2012 to the latest revision in 2024, the guideline value increased to Rs 4,900 per sq.ft, which is a 9% rise. Overall, from 2002 to 2024, the guideline value has increased by 443%. The register does not provide figures for the years 2017 and 2023 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Bazaar Lane's 2024 figure below this median.

• Bazaar Road: Rs 8,200 per sq.ft (2024)
• Bazaar Road 1st Lane: Rs 6,000 per sq.ft (2024)
• Bazaar Road 2nd Lane: Rs 6,000 per sq.ft (2024)
• Bazaar Road 3rd Lane: Rs 6,000 per sq.ft (2024)
• Bazaar Road 4th Lane: Rs 6,000 per sq.ft (2024)
• Bawa Salai: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Bazaar Lane

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 fees to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bazaar Lane?

The Bazaar Lane property falls under the jurisdiction of the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is documented at a legally recognized value.

When a property is sold, the guideline value is used to calculate the applicable fees, which are based on either the guideline value or the actual sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Bazaar Lane?

The current guideline value of Bazaar Lane 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 significantly from Rs 903 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 443%.

What are the stamp duty and registration fees for property in Bazaar Lane?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which Sub Registrar Office covers Bazaar Lane?

The Mylapore Sub Registrar Office covers Bazaar Lane, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the land classification of Bazaar Lane?

Bazaar Lane is classified as Residential Class V Type - II, indicating its designation for residential purposes within the area.