Guideline Value for BAZAAR SALAI

Bazaar Salai guideline value

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

How the guideline value of Bazaar Salai has changed

The guideline value of Bazaar Salai has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 997 per sq.ft. This increased to Rs 1,248 per sq.ft in 2003, marking a 25% rise. The value continued to grow significantly, reaching Rs 1,600 per sq.ft in 2007, which was a 28% increase from the previous revision. By 2012, the guideline value was Rs 8,000 per sq.ft, reflecting a substantial 400% increase from 2007. However, this figure dropped to Rs 5,360 per sq.ft in 2017, a decrease of 33%.

In 2023, the guideline value rose to Rs 8,000 per sq.ft, and in the most recent revision for 2024, it has increased to Rs 8,800 per sq.ft, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 783%. There are no revisions with figures missing 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. The guideline value for Bazaar Salai is above this median.

• Bazaar Road: 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 Salai

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, charged at 7%, would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total cost for these fees to 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bazaar Salai?

The Bazaar Salai 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 more information.

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 minimum value at which a property can be registered. This ensures that the transaction is documented at a fair value as per the local regulations.

When a property is sold, the buyer and seller must agree on a sale price, which should not be less than the guideline value. This helps in maintaining transparency and accountability in property transactions, as the registration fees and stamp duties are calculated based on this guideline value.

Frequently asked questions

What is the current guideline value of Bazaar Salai?

The current guideline value of Bazaar Salai 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 seen several revisions, starting from Rs 997 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 783% over this period.

What is the land classification of Bazaar Salai?

Bazaar Salai is classified as Commercial Class I Type - I under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 88,00,000, the total fees would amount to Rs 7,92,000.

Where can I find the Sub Registrar Office for Bazaar Salai?

The Sub Registrar Office covering Bazaar Salai is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.