Guideline Value for Bazaar st ( Ward No.10 )

Bazaar st ( Ward No.10 ) guideline value

The current guideline value of Bazaar st ( Ward No.10 ) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Bazaar st ( Ward No.10 ) has changed

The guideline value for Bazaar st has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 3,000 per sq.ft. However, this figure decreased significantly in the 2017 revision to Rs 2,010 per sq.ft, marking a decline of 33%. The latest revision in 2024 saw a substantial increase to Rs 3,300 per sq.ft, reflecting a rise of 64% from the 2017 revision. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Bazaar st's 2024 figure above this median.

• Bavani Nagar ( Ward No.26 ): Rs 1,300 per sq.ft (2024)
• Bavani Nagar 2nd st ( Ward No.1 ): Rs 1,300 per sq.ft (2024)
• Bavani Nagar 1st st ( Ward No.1 ): Rs 1,300 per sq.ft (2024)
• Bavani Amman Koil st ( Ward No.9 ): Rs 1,300 per sq.ft (2024)
• Bashyam Nagar (Ward-08): Rs 1,600 per sq.ft (2024)
• Benny Colony (Ward-04): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bazaar st ( Ward No.10 )

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bazaar st ( Ward No.10 )?

The Bazaar st ( Ward No.10 ) falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the higher of the sale price or the guideline value is considered for calculating the stamp duty. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Bazaar st ( Ward No.10 )?

The current guideline value of Bazaar st ( Ward No.10 ) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, and then increased to Rs 3,300 per sq.ft in 2024. This reflects a 10% increase overall from 2012 to 2024.

What is the land classification of Bazaar st ( Ward No.10 )?

Bazaar st ( Ward No.10 ) is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Bazaar st ( Ward No.10 )?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For instance, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.