Guideline Value for Bazaar Street

Bazaar Street guideline value

The current guideline value of Bazaar Street in Chindadripet village, under the Periamet SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Bazaar Street has changed

The guideline value for Bazaar Street has seen significant changes over the years. In the 2007 revision, the value was Rs 600 per sq.ft, which increased dramatically to Rs 4,000 per sq.ft in 2012, marking a rise of 567%. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, a decline of 33%. The value then increased again to Rs 4,000 per sq.ft in the 2023 revision, reflecting a rise of 49%.

As of the 2024 revision, the guideline value stands at Rs 4,400 per sq.ft, which is a 10% increase from the previous year. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 633%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chindadripet

In Chindadripet, there are 98 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,500 to Rs 18,100 per sq.ft. The median value is Rs 3,300 per sq.ft, indicating that Bazaar Street's 2024 figure is above this median.

• Bazaar south street: Rs 2,600 per sq.ft (2024)
• Balakrishna pillai street: Rs 4,400 per sq.ft (2024)
• Balakrishna Pillai 1st lane: Rs 3,300 per sq.ft (2024)
• Ayya Mudali street: Rs 6,000 per sq.ft (2024)
• Ayya mudali lane: Rs 3,800 per sq.ft (2024)
• Ayya Mudalai 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bazaar Street?

The Bazaar Street falls under 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 Chindadripet

The guideline value is an essential factor in the registration process for properties in Chindadripet. It determines the minimum value for which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. It is crucial for buyers and sellers to be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Bazaar Street?

The current guideline value of Bazaar Street is Rs 4,400 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 600 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 633%.

What is the land classification for Bazaar Street?

Bazaar Street is classified under Residential Class II Type - I land classification.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Bazaar Street?

The Periamet Sub Registrar Office covers Bazaar Street, located at 1103, Poonamallee High Road, Chennai-600 003.