Guideline Value for Bazaar Street

Bazaar Street guideline value

The current guideline value of Bazaar Street in Konnur village, under the Konnur SRO, is Rs 7,100 per sq.ft, effective from 1 July 2024. This street falls under the Commercial Class I Type - I land classification.

How the guideline value of Bazaar Street has changed

The guideline value of Bazaar Street has seen significant changes over the years. In 2002, the guideline value was Rs 427 per sq.ft. This increased to Rs 463 per sq.ft in 2003, marking an 8% rise. The value continued to grow, reaching Rs 1,500 per sq.ft in 2007, which was a substantial increase of 224%. Following this, the value rose dramatically to Rs 6,500 per sq.ft in 2012, reflecting a 333% increase. However, it then decreased to Rs 4,355 per sq.ft in 2017, a decline of 33%. The value rebounded to Rs 6,500 per sq.ft in 2023, before reaching the current figure of Rs 7,100 per sq.ft in 2024, which is a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1563%. There are no figures available for the revisions in years not mentioned in the provided data.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 3,800 per sq.ft, positioning Bazaar Street's 2024 figure above the median.

• Balasubramaniam Street: Rs 5,500 per sq.ft (2024)
• Balaramapuram: Rs 2,750 per sq.ft (2024)
• Balaraman Street: Rs 2,750 per sq.ft (2024)
• Bharathi Nagar: Rs 3,800 per sq.ft (2024)
• Balambigai Nagar: Rs 3,800 per sq.ft (2024)
• Bharathi Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Bazaar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, resulting in a total cost of Rs 6,39,000. It is important to note that the 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 Street?

The Bazaar Street falls under the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For further information, you can find your SRO.

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

The guideline value is a crucial factor when registering property in Konnur. It serves as a reference point for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value helps in assessing the official value of the property for registration purposes. This ensures that the transaction is recorded accurately and that the appropriate fees are collected based on the established guideline value.

Frequently asked questions

What is the current guideline value of Bazaar Street?

The current guideline value of Bazaar Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 427 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 1563% over this period.

What is the land classification for Bazaar Street?

Bazaar Street is classified as Commercial Class I Type - I, which is relevant for property transactions and development purposes.

What are the stamp duty and registration fees for a property on Bazaar Street?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000, and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Where is the Konnur Sub Registrar Office located?

The Konnur Sub Registrar Office is located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.