Guideline Value for Bazaar Road

Bazaar Road guideline value

The current guideline value of Bazaar Road in Parangimalai village is Rs 4,400 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint II SRO and is classified as Residential Class I Type - II.

How the guideline value of Bazaar Road has changed

The guideline value for Bazaar Road has seen significant changes over the years. In 2002, the value was Rs 426 per sq.ft, which increased to Rs 533 per sq.ft in 2003, marking a growth of 25%. From 2003 to 2007, the value rose dramatically to Rs 1,100 per sq.ft, reflecting an increase of 106%. The 2012 revision saw a decrease to Rs 4,000 per sq.ft, which was a decline of 33% from the previous figure of Rs 2,680 per sq.ft in 2017. The value then increased to Rs 4,000 per sq.ft in 2023, followed by a further rise to Rs 4,400 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 933%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. Bazaar Road's 2024 figure is above this median.

• Bazaar Lane: Rs 3,850 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 Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. The 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 more details.

Which Sub Registrar Office covers Bazaar Road?

The Bazaar Road area is covered by 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

The guideline value plays a crucial role in property transactions in Parangimalai. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is bought or sold, the guideline value is considered as a reference point for taxation purposes. This means that the buyer may need to pay stamp duty based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is registered correctly.

Frequently asked questions

What is the current guideline value of Bazaar Road?

The current guideline value of Bazaar Road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 426 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, which is an overall increase of 933%.

What is the land classification for Bazaar Road?

Bazaar Road is classified as Residential Class I Type - II, indicating its suitability for residential developments.

What is the range of guideline values in Parangimalai?

The guideline values in Parangimalai range from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft.

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

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