Guideline Value for Bazaar Lane(Part)

Bazaar Lane(Part) guideline value

The current guideline value of Bazaar Lane(Part) is Rs 7,000 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO, classified as Commercial Class I Type - III.

How the guideline value of Bazaar Lane(Part) has changed

The guideline value for Bazaar Lane(Part) has seen several revisions over the years. Starting from Rs 2,000 per sq.ft in 2007, it increased significantly to Rs 6,400 per sq.ft in 2012, but then dropped to Rs 4,288 per sq.ft in 2017. The value rose to Rs 6,400 per sq.ft again in 2023, before reaching the current figure of Rs 7,000 per sq.ft in 2024.

In terms of percentage changes, the value increased by 220% from 2007 to 2012, then decreased by 33% from 2012 to 2017. Following this, there was a significant increase of 49% from 2017 to 2023, and a further rise of 9% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 250%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value is Rs 4,800 per sq.ft, making the current value of Bazaar Lane(Part) above this median.

• Basin Elephant Gate road: Rs 6,000 per sq.ft (2024)
• Basin Bridge Road: Rs 7,700 per sq.ft (2024)
• Barracks Road: Rs 3,300 per sq.ft (2024)
• Barracks lane: Rs 2,700 per sq.ft (2024)
• Beautiful Park Salai: Rs 7,000 per sq.ft (2024)
• Balarkalvi Nilayam Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Bazaar Lane(Part)

For a 1,000 sq.ft plot at the current guideline value of Rs 7,000 per sq.ft, the total guideline value would be Rs 70,00,000. The stamp duty at 7% would amount to Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, bringing the total to Rs 6,30,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Bazaar Lane(Part)?

The Sub Registrar Office that covers Bazaar Lane(Part) is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vepery. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer and seller must consider the guideline value as it affects the overall cost of the transaction. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Bazaar Lane(Part)?

The current guideline value of Bazaar Lane(Part) is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 7,000 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Bazaar Lane(Part)?

Bazaar Lane(Part) is classified as Commercial Class I Type - III under the current guidelines.

Where can I find the registration office for Bazaar Lane(Part)?

The registration office for Bazaar Lane(Part) is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How do I calculate stamp duty and registration fees?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for accurate calculations.