Guideline Value for BAZAAR STREET

Bazaar Street guideline value

The current guideline value of Bazaar Street in Karunguzhi village, under the Madurandakam SRO, is Rs 600 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Bazaar Street has changed

The guideline value for Bazaar Street has undergone several revisions over the years. In 2007, the value was set at Rs 80 per sq.ft, which increased to Rs 300 per sq.ft in 2012. However, there was a significant decrease to Rs 201 per sq.ft in 2017. The most recent revisions show that the value remained unchanged at Rs 600 per sq.ft in both 2023 and 2024.

From the 2017 revision to 2023, there was an increase of 199%. The guideline value then remained stable from 2023 to 2024, showing a change of +0%. Overall, from 2007 to 2024, the guideline value has increased by 650%. Notably, the register has no figures for Bazaar Street in 2002 and 2003.

Guideline values in Karunguzhi

In Karunguzhi, there are 37 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 401 to Rs 1,000 per sq.ft. The median guideline value for these streets is Rs 401 per sq.ft. Bazaar Street's 2024 figure of Rs 600 per sq.ft is above this median.

• Bajanai Koil Street: Rs 401 per sq.ft (2024)
• Brammanar Street: Rs 401 per sq.ft (2024)
• Dharmaraja Koil Street: Rs 401 per sq.ft (2024)
• East Pillayar Koil Street: Rs 401 per sq.ft (2024)
• Eri Colony: Rs 401 per sq.ft (2024)
• Adison Thope: Rs 401 per sq.ft (2024)

Stamp duty and registration fee for property in Bazaar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value amounts to Rs 6,00,000. The stamp duty, charged at 7%, would be Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total fees to Rs 54,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bazaar Street?

The Bazaar Street falls under the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Karunguzhi. It is used to determine the stamp duty and registration fees that buyers must pay when acquiring property in the area.

When selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Bazaar Street?

The current guideline value of Bazaar Street is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 80 per sq.ft in 2007 to Rs 600 per sq.ft in 2024, with notable changes occurring in various revisions.

What is the land classification for Bazaar Street?

Bazaar Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Where is the Madurandakam Sub Registrar Office located?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is the stamp duty calculated for property in Bazaar Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the guideline value of Rs 600 per sq.ft incurs a total stamp duty of Rs 42,000.