Guideline Value for Bakers street (Broadway)

Bakers street (Broadway) guideline value

The current guideline value for Bakers street (Broadway) is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Bakers street (Broadway) has changed

The guideline value for Bakers street (Broadway) has seen significant changes over the years. In 2002, the value was Rs 1,843 per sq.ft, which increased to Rs 2,095 per sq.ft in 2003, marking a 14% rise. The value then rose to Rs 2,600 per sq.ft in 2007, reflecting a 24% increase. Following this, the value surged to Rs 7,000 per sq.ft in 2012, a remarkable 169% increase. However, between 2012 and 2017, the value decreased to Rs 4,690 per sq.ft, a decline of 33%. The value then rose significantly to Rs 7,000 per sq.ft in 2023, and finally, it increased by 10% to reach the current figure of Rs 7,700 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value for Bakers street (Broadway) has increased by 318%. There are no figures available for the revisions in years other than those mentioned above.

Guideline values in Muthialpet

In Muthialpet village, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. Bakers street (Broadway) has a guideline value that is above this median.

• Bakers lane: Rs 4,900 per sq.ft (2024)
• Azis Street: Rs 3,800 per sq.ft (2024)
• Ayyasamy street*: Rs 5,500 per sq.ft (2024)
• Ayyasamy2nd lane: Rs 5,500 per sq.ft (2024)
• Ayyasamy 1st lane: Rs 5,500 per sq.ft (2024)
• Ayyapa street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Bakers street (Broadway)

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total cost for these charges to Rs 6,93,000. 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 Bakers street (Broadway)?

The Sub Registrar Office that covers Bakers street (Broadway) is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Muthialpet. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is established by the government and is intended to reflect the market conditions in the area.

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

Frequently asked questions

What is the current guideline value for Bakers street (Broadway)?

The current guideline value for Bakers street (Broadway) is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,843 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, marking an overall increase of 318% over this period.

What are the stamp duty rates for property in Bakers street (Broadway)?

The stamp duty rate for property transactions in Bakers street (Broadway) is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Bakers street (Broadway)?

The Sub Registrar Office for Bakers street (Broadway) is located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

What is the land classification for Bakers street (Broadway)?

The land classification for Bakers street (Broadway) is Residential Class I Type - I, indicating its designation for residential use.