Guideline Value for Bazaar Street (Velachery Main Road)

Bazaar Street (Velachery Main Road) guideline value

The current guideline value of Bazaar Street (Velachery Main Road) is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Commercial Class I Type - I.

How the guideline value of Bazaar Street (Velachery Main Road) has changed

The guideline value register has no figures for Bazaar Street for the years 2002, 2003, 2007, 2012, 2017, and 2023. The most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft.

Since there are no figures for the previous years, there are no changes to report between revisions. The current value is the first recorded figure for this street in the guideline value register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value of Rs 5,500 per sq.ft for Bazaar Street is above the median.

• Bazzar Road (Madipakkam Velachery Main Road): Rs 5,500 per sq.ft (2024)
• Bazzar Road, Sadasivam Nagar: Rs 5,500 per sq.ft (2024)
• Bazaar Road Balaiah Garden: Rs 5,500 per sq.ft (2024)
• Baroda Colony W.D. Krishnamoorthy Nagar: Rs 2,200 per sq.ft (2024)
• Baroda Colony, Sakthi Nagar Extn: Rs 2,200 per sq.ft (2024)
• Baroda Colony (Bank of Barodo Colony): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bazaar Street (Velachery Main Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. 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 Street (Velachery Main Road)?

The Sub Registrar Office covering Bazaar Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

When a property is bought or sold, the guideline value helps determine the minimum value on which these fees are calculated. This ensures transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Bazaar Street (Velachery Main Road)?

The current guideline value of Bazaar Street (Velachery Main Road) is Rs 5,500 per sq.ft, effective from 1 July 2024.

What is the land classification of Bazaar Street?

Bazaar Street is classified as Commercial Class I Type - I under the guideline value register.

Are there any previous guideline values for Bazaar Street?

The guideline value register has no figures for Bazaar Street for the years 2002, 2003, 2007, 2012, 2017, and 2023. The 2024 revision is the first recorded figure for this street.

How is stamp duty calculated for properties on 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 5,500 per sq.ft would incur a total guideline value of Rs 55,00,000.

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

The Sub Registrar Office for Bazaar Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.