Guideline Value for BAZAAR ROAD

Bazaar Road guideline value

The current guideline value of Bazaar Road in Saidapet village, Chennai South Joint II SRO, is Rs 8,800 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - I.

How the guideline value of Bazaar Road has changed

The guideline value for Bazaar Road has seen significant changes over the years. In the 2002 revision, the rate was Rs 997 per sq.ft. This increased to Rs 1,248 per sq.ft in 2003, marking a 25% rise. By 2007, the value jumped to Rs 1,600 per sq.ft, an increase of 28%. The 2012 revision saw a notable rise to Rs 8,000 per sq.ft, a significant 400% increase from the previous figure. However, in 2017, the value decreased to Rs 5,360 per sq.ft, reflecting a decline of 33%. The 2023 revision brought the value back up to Rs 8,000 per sq.ft, and the most recent revision in 2024 has set it at Rs 8,800 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 783%. There are no figures available for other revisions for this street.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Bazaar Road's 2024 figure of Rs 8,800 per sq.ft is above this median.

• Bazaar Salai: Rs 8,800 per sq.ft (2024)
• Bashyam Iyengar Street: Rs 3,300 per sq.ft (2024)
• Bharathiyar Street (Abith Colony): Rs 4,400 per sq.ft (2024)
• Bharathiyar Street (Hospital Road): Rs 4,400 per sq.ft (2024)
• B.K. Maistry Street: Rs 4,400 per sq.ft (2024)
• Brahmin Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Bazaar Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, making the total cost for these fees Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bazaar Road?

The Bazaar Road area falls under the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. The guideline value is referenced to ensure that the fees are calculated accurately based on the property's assessed worth.

When a property is sold, the guideline value helps in establishing a fair value for the transaction, ensuring compliance with local regulations. Buyers and sellers should be aware of the current guideline value to understand the financial implications associated with the sale or purchase of property.

Frequently asked questions

What is the current guideline value of Bazaar Road?

The current guideline value of Bazaar Road is Rs 8,800 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 997 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 783% over the years.

What are the stamp duty and registration fees for a property on Bazaar Road?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office covers Bazaar Road?

The Chennai South Joint II Sub Registrar Office covers Bazaar Road, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It serves as a benchmark for assessing the property's worth and ensuring compliance with local regulations.