Guideline Value for BAZAAR ROAD 4TH LANE

Bazaar Road 4th Lane guideline value

The current guideline value of Bazaar Road 4th 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 4th Lane has changed

The guideline value for Bazaar Road 4th Lane has undergone several revisions since 2002. The earliest recorded value in 2002 was Rs 903 per sq.ft, which increased to Rs 1,003 per sq.ft in 2003, marking an 11% rise. Following this, the value rose to Rs 1,540 per sq.ft in 2007, reflecting a 54% increase. In 2012, the value reached Rs 5,500 per sq.ft, an impressive 257% increase from the previous revision. However, in 2017, the value decreased to Rs 3,685 per sq.ft, a drop of 33%. The most recent revision in 2024 saw a significant increase to Rs 6,000 per sq.ft, which is a 63% rise from 2017. The register has no figure for this street in 2023.

Guideline values in Mylapore

In Mylapore village, 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, with a median value of Rs 8,800 per sq.ft. The guideline value for Bazaar Road 4th Lane is below this median.

• Bazaar Road 3rd Lane: Rs 6,000 per sq.ft (2024)
• Bazaar Road 2nd Lane: Rs 6,000 per sq.ft (2024)
• Bazaar Road 1st Lane: Rs 6,000 per sq.ft (2024)
• Bazaar Road: Rs 8,200 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 4th 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 to Rs 5,40,000. The duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Bazaar Road 4th Lane?

The Bazaar Road 4th Lane falls under 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 details.

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 a benchmark for determining the stamp duty and registration fees, ensuring that these charges are calculated based on the official value set by the government.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, which must be paid at the time of registration. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Bazaar Road 4th Lane?

The current guideline value of Bazaar Road 4th 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 the years.

What is the land classification for Bazaar Road 4th Lane?

Bazaar Road 4th Lane is classified as Residential Class V Type - I under the Mylapore SRO.

What is the stamp duty rate for properties in Bazaar Road 4th Lane?

The stamp duty rate for properties in Bazaar Road 4th Lane is 7%, which is calculated based on the higher of the guideline value or the sale price.

Where can I find the Mylapore Sub Registrar Office?

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