Guideline Value for Bazaar Street

Bazaar Street guideline value

The current guideline value of Bazaar Street in Virugambakkam village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Virugambakkam SRO and is classified as Residential Class III Type - I.

How the guideline value of Bazaar Street has changed

The guideline value for Bazaar Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 1,100 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in the 2012 revision, marking a 264% rise. However, in the 2017 revision, the value decreased to Rs 2,680 per sq.ft, reflecting a decline of 33%. The 2023 revision saw a notable increase to Rs 4,000 per sq.ft, followed by a further rise to Rs 4,400 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 300%. It is important to note that the register has no figures for Bazaar Street for the years 2002 and 2003.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is the same as the current value for Bazaar Street.

• Bangaru Naidu Colony 3rd Street: Rs 5,500 per sq.ft (2024)
• Bangaru Naidu Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• Bangaru Naidu Colony 1st Street: Rs 5,500 per sq.ft (2024)
• Balambal Nagar: Rs 4,400 per sq.ft (2024)
• Balakrishnan Street: Rs 4,950 per sq.ft (2024)
• Bharathi Street (Venkatesa Nagar): Rs 4,400 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 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, making the total charges Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bazaar Street?

The Bazaar Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Virugambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and avoid potential penalties.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that the transaction is recorded accurately. It is essential for both parties to be aware of the current guideline value to facilitate a smooth 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 from Rs 1,100 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 300% over this period.

What is the land classification of Bazaar Street?

Bazaar Street is classified as Residential Class III Type - I under the current guidelines.

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

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in 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 property at the current rate would incur a total of Rs 3,96,000 in fees.