Guideline Value for BAZAAR ROAD

Bazaar Road guideline value

The current guideline value of Bazaar Road, located in Mylapore village, is Rs 8,200 per sq.ft, effective from 1 July 2024. This street falls under the Mylapore Sub Registrar Office (SRO) and is classified as Residential Class IV Type - I.

How the guideline value of Bazaar Road has changed

The guideline value for Bazaar Road has seen several revisions over the years. In 2002, the value was Rs 1,044 per sq.ft, which increased to Rs 1,160 per sq.ft in 2003, marking an 11% rise. The value then experienced a significant increase of 104% to reach Rs 2,365 per sq.ft in 2007. Following this, the value rose dramatically by 217% to Rs 7,500 per sq.ft in 2012, but then decreased by 33% to Rs 5,025 per sq.ft in 2017. The value further increased by 49% to Rs 7,500 per sq.ft in 2023, and finally, it rose by 9% to the current value of Rs 8,200 per sq.ft in 2024.

There are no figures available for the years 2012, 2017, and 2023 for this street in the register.

Guideline values in Mylapore

In Mylapore, there are a total of 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 value is Rs 8,800 per sq.ft, indicating that Bazaar Road's 2024 figure is below this median.

• Bazaar Road 1st Lane: Rs 6,000 per sq.ft (2024)
• Bazaar Road 2nd Lane: Rs 6,000 per sq.ft (2024)
• Bazaar Lane: Rs 4,900 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 Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, making the total fees together Rs 7,38,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Bazaar Road?

The Bazaar Road area is covered by 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 additional information.

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

The guideline value plays a crucial role during property registration in Mylapore. It serves as a reference point for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value is used to calculate stamp duty and registration fees, ensuring compliance with local regulations.

When a property is sold, the buyer must pay the stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bazaar Road?

The current guideline value of Bazaar Road is Rs 8,200 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 1,044 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, with various increases and a decrease noted in specific years.

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

For a 1,000 sq.ft property on Bazaar Road, the total guideline value is Rs 82,00,000. The stamp duty is Rs 5,74,000, and the registration fee is Rs 1,64,000, totaling Rs 7,38,000.

Which Sub Registrar Office is responsible for Bazaar Road?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property and is essential for calculating stamp duty and registration fees. It ensures that the appropriate revenue is collected during property transactions in Mylapore.