Guideline Value

Corporate

Guideline Value for BAZAAR ROAD 3RD LANE

₹6000/sq.ft.

The guideline value for Bazaar Road 3rd Lane in Mylapore village (Mylapore SRO, Chennai zone) is Rs 6000 per sq.ft, effective 1 July 2024. The land classification is Residential Class V Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Mylapore

Village

Mylapore

SRO

Residential Class V Type - I
History
Period Guideline Value
From 1-7-2024 ₹6000 /sq.ft.
From 1-4-2023 N/A
From 9-6-2017 To 31-3-2023 ₹3685 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹5500 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹1540 /sq.ft.
From 1-4-2003 To 31-7-2007 ₹1003 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹903 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony ,cresent Street Alwarpet,chennai -600018
044-24640344
[email protected]

DRO (District Registrar Office)

No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai - 600 014.
044-28613607
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Bazaar Road 3rd Lane

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Bazaar Road 3rd Lane guideline value

The current guideline value of Bazaar Road 3rd Lane is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class V Type - I.

How the guideline value of Bazaar Road 3rd Lane has changed

The guideline value for Bazaar Road 3rd Lane has undergone several revisions over the years. Starting from Rs 903 per sq.ft in 2002, it increased to Rs 1,003 per sq.ft in 2003, marking an 11% rise. The value then saw a significant increase to Rs 1,540 per sq.ft in 2007, which was a 54% increase. Following this, the value surged to Rs 5,500 per sq.ft in 2012, reflecting a remarkable 257% increase. However, it decreased to Rs 3,685 per sq.ft in 2017, a drop of 33%. The most recent revision in 2024 set the guideline value at Rs 6,000 per sq.ft, representing a 63% increase from 2017.

It is important to note that there is no figure available for the year 2023 for this street. Overall, from the initial value in 2002 to the current value in 2024, there has been a substantial increase of 564%.

Guideline values in Mylapore

In Mylapore village, 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. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Bazaar Road 3rd Lane's current value below this median.

Stamp duty and registration fee for property in Bazaar Road 3rd Lane

For a 1,000 sq.ft plot at the current rate of Rs 6,000 per sq.ft, the guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, totaling 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bazaar Road 3rd Lane?

The Sub Registrar Office that covers Bazaar Road 3rd Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that all transactions comply with legal requirements.

During the registration process, the buyer must ensure that the sale price is at least equal to the guideline value. If the sale price is lower than the guideline value, the higher amount will be considered for calculating the applicable duties and fees.

Frequently asked questions

What is the current guideline value for Bazaar Road 3rd Lane?

The current guideline value for Bazaar Road 3rd 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 significantly from Rs 903 per sq.ft in 2002 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 564% over this period.

What are the stamp duty and registration fees for property in Bazaar Road 3rd Lane?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees amount to Rs 5,40,000, calculated based on the guideline value of Rs 60,00,000.

Which office handles property registrations in Mylapore?

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

What is the significance of the guideline value in property transactions?

The guideline value is essential as it determines the minimum value for property registration and is used to calculate stamp duty and registration fees during property transactions in Mylapore.