Guideline Value for BAZAAR ROAD

Bazaar Road guideline value

The current guideline value of Bazaar Road in Mambalam village, under the Thiyagaraya nagar SRO, is Rs 12,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Special Type - II.

How the guideline value of Bazaar Road has changed

The guideline value for Bazaar Road has seen significant changes over the years. In 2003, the value was Rs 1,113 per sq.ft, which increased to Rs 2,500 per sq.ft in 2007, marking a rise of 125%. The value then surged to Rs 11,000 per sq.ft in 2012, an increase of 340%. However, it dropped to Rs 7,370 per sq.ft in 2017, reflecting a decrease of 33%. The value rebounded to Rs 11,000 per sq.ft in 2023, and subsequently rose to the current rate of Rs 12,100 per sq.ft in 2024, a change of 10%.

Overall, from 2003 to 2024, the guideline value has increased by 987%. It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO, with guideline values ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median value for these streets is Rs 6,600 per sq.ft, placing Bazaar Road's 2024 figure above this median.

• BAZAAR ROAD Ist LANE: Rs 6,600 per sq.ft (2024)
• Barathi Street East To West Western Side Of Aranganatha Subway: Rs 7,700 per sq.ft (2024)
• Barathidasan Street: Rs 7,700 per sq.ft (2024)
• Barathidasan East Street Appavoo Nagar: Rs 7,700 per sq.ft (2024)
• Bharathi Dasan Street(Northern Side Of Kumaran Colony 2nd Street): Rs 7,700 per sq.ft (2024)
• Balakrishna Street: Rs 7,700 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 12,100 per sq.ft, the total guideline value would be Rs 1,21,00,000. The stamp duty at 7% would amount to Rs 8,47,000, and the registration fee at 2% would be Rs 2,42,000, totaling Rs 10,89,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bazaar Road?

The Bazaar Road area falls under the jurisdiction of the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions in Mambalam. It serves as a benchmark for determining the minimum price at which a property can be sold, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. It is essential to consider this value during negotiations and to ensure that all legal requirements are met during the transaction.

Frequently asked questions

What is the current guideline value of Bazaar Road?

The current guideline value of Bazaar Road is Rs 12,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 1,113 per sq.ft in 2003 to Rs 12,100 per sq.ft in 2024, marking an overall increase of 987% over this period.

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

For a property valued at Rs 1,21,00,000, the stamp duty would be Rs 8,47,000, and the registration fee would be Rs 2,42,000, totaling Rs 10,89,000.

Which Sub Registrar Office covers Bazaar Road?

The Thiyagaraya nagar Sub Registrar Office covers Bazaar Road, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum sale price of a property and is essential for calculating stamp duty and registration fees during property transactions in Mambalam.