Guideline Value for Bazaar Lane

Bazaar Lane guideline value

The current guideline value of Bazaar Lane in Parangimalai village is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of Bazaar Lane has changed

The guideline value for Bazaar Lane has seen several revisions over the years. Starting from Rs 426 per sq.ft in 2002, it increased to Rs 533 per sq.ft in 2003, marking a 25% rise. The value continued to grow significantly, reaching Rs 1,100 per sq.ft in 2007, which was a 106% increase from the previous figure. The value then rose to Rs 3,500 per sq.ft in 2012, reflecting a substantial 218% increase from 2007. However, it dropped to Rs 2,345 per sq.ft in 2017, showing a decrease of 33%.

Following the 2017 revision, the guideline value increased to Rs 3,500 per sq.ft in 2023, which was a 49% rise. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, marking a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 804%.

Guideline values in Parangimalai

In Parangimalai village, there are 233 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, which aligns with the current guideline value of Bazaar Lane.

• Bazaar Road: Rs 4,400 per sq.ft (2024)
• Bengali Bazaar Road (M.K.N.Road): Rs 5,500 per sq.ft (2024)
• Bharathi Nagar: Rs 3,300 per sq.ft (2024)
• BI Police Quarters: Rs 3,300 per sq.ft (2024)
• Bajar Line Lane: Rs 2,750 per sq.ft (2024)
• Bajanai Koil Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Bazaar Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. Duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bazaar Lane?

The Sub Registrar Office covering Bazaar Lane is 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 Parangimalai

When buying or selling property in Parangimalai, the guideline value plays a crucial role in determining the taxes and fees applicable during registration. The guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

It is important for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. The guideline value is updated periodically, reflecting changes in the market and property classifications.

Frequently asked questions

What is the current guideline value of Bazaar Lane?

The current guideline value of Bazaar Lane is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 426 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 804% over this period.

What is the land classification for Bazaar Lane?

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

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

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

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