Guideline Value for BAZAAR ROAD 1ST LANE

Bazaar Road 1st Lane guideline value

The current guideline value of Bazaar Road 1st Lane is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - I.

How the guideline value of Bazaar Road 1st Lane has changed

Looking back at the revisions, the guideline value for Bazaar Road 1st Lane has seen a notable change from the 2012 revision, which was Rs 5,500 per sq.ft, to the 2023 revision, where it remained at Rs 5,500 per sq.ft. The 2024 revision introduced a new guideline value of Rs 6,000 per sq.ft, marking a 9% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Bazaar Road 1st Lane is below this median.

• Bazaar Road 2nd Lane: Rs 6,000 per sq.ft (2024)
• Bazaar Road: Rs 8,200 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)
• Bazaar Lane: Rs 4,900 per sq.ft (2024)
• Bawa Salai: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Bazaar Road 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total fees together to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bazaar Road 1st Lane?

The Bazaar Road 1st Lane 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 is a crucial factor in the registration process when buying or selling property in Mylapore. It serves as the benchmark for calculating the stamp duty and registration fees, ensuring that both parties are aware of the financial obligations involved in the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This ensures transparency and compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Bazaar Road 1st Lane?

The current guideline value of Bazaar Road 1st Lane is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,500 per sq.ft in 2012 to Rs 5,500 per sq.ft in 2023, and then to Rs 6,000 per sq.ft in 2024, marking a 9% increase from the previous year.

What are the other streets in Mylapore with their guideline values?

Other streets in Mylapore include Bazaar Road 2nd Lane and Bazaar Road 3rd Lane, both at Rs 6,000 per sq.ft, Bazaar Road at Rs 8,200 per sq.ft, and Bazaar Lane at Rs 4,900 per sq.ft, among others.

Where is the Mylapore Sub Registrar Office located?

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

How is stamp duty calculated for properties in Bazaar Road 1st Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 at a rate of 7%.