Guideline Value for Bazaar street

Bazaar street guideline value

The current guideline value of Bazaar street in Nasarathpettai village under the Poonamallee SRO is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Class I Type - II.

How the guideline value of Bazaar street has changed

The guideline value for Bazaar street has seen significant changes over the years. The earliest recorded revision is from 2007, where the value was Rs 300 per sq.ft. This increased dramatically to Rs 3,000 per sq.ft in 2012, marking a 900% rise. However, it then decreased to Rs 2,010 per sq.ft in 2017, representing a decline of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and finally, it reached Rs 3,300 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

In total, from 2007 to 2024, the guideline value has increased by 1000%. Notably, there are no recorded figures for the years 2002 and 2003 for Bazaar street in the register.

Guideline values in Nasarathpettai

In Nasarathpettai, there are 19 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,320 per sq.ft, placing Bazaar street's value above this median.

• Bangalore High Road: Rs 2,750 per sq.ft (2024)
• Bakthavachalam Street: Rs 1,320 per sq.ft (2024)
• Chinna Chetty Street (A) Nehru Street: Rs 1,320 per sq.ft (2024)
• Anbarasu Nagar: Rs 1,320 per sq.ft (2024)
• Golden Friends Smart City: Rs 2,200 per sq.ft (2024)
• Kakkila street: Rs 1,320 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees together to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bazaar street?

The Bazaar street falls under the jurisdiction of the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Nasarathpettai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is sold or purchased.

When buyers and sellers engage in a property transaction, the guideline value is used to calculate the applicable taxes and fees, ensuring that both parties are aware of the financial obligations involved in the sale. This helps maintain transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Bazaar street?

The current guideline value of Bazaar street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 300 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking a total increase of 1000% over the years.

What is the land classification of Bazaar street?

Bazaar street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

What are the other streets in Nasarathpettai with their guideline values?

Other streets in Nasarathpettai have varying guideline values, ranging from Rs 1,320 to Rs 2,750 per sq.ft as of 2024. Some examples include Bangalore High Road at Rs 2,750 per sq.ft and Bakthavachalam Street at Rs 1,320 per sq.ft.

Where can I find more information about the registration process?

You can find more information about the registration process and related fees at the Poonamallee Sub Registrar Office, or you can use the find your SRO tool for assistance.