Guideline Value for Bazaar street

Bazaar street guideline value

The current guideline value of Bazaar street in Poonthamallee village, under the Poonamallee SRO, is Rs 3,250 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 several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 2,010 per sq.ft in 2017. The value then rose to Rs 3,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 3,250 per sq.ft. The register has no figures for the years 2002 and 2003.

From 2007 to 2012, the value increased by 650%, but then it dropped by 33% from 2012 to 2017. The value rebounded with a 49% increase from 2017 to 2023, and the most recent change from 2023 to 2024 reflects an 8% increase. Overall, from 2007 to 2024, the guideline value has increased by 713%.

Guideline values in Poonthamallee

In Poonthamallee, there are 257 streets under the Poonamallee SRO that carry a 2024 guideline value, ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Bazaar street's 2024 figure above that median.

• BG nagar Veerevu: Rs 2,200 per sq.ft (2024)
• Bhagwan nagar: Rs 2,200 per sq.ft (2024)
• Bhajanai koil street: Rs 2,200 per sq.ft (2024)
• Balaraman Nagar Annex: Rs 1,980 per sq.ft (2024)
• Balaraman Nagar: Rs 2,200 per sq.ft (2024)
• Bradees street: Rs 2,740 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 3,250 per sq.ft, the total guideline value would be Rs 32,50,000. The stamp duty at 7% would amount to Rs 2,27,500, and the registration fee at 2% would be Rs 65,000, bringing the total charges to Rs 2,92,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bazaar street?

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

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

The guideline value is a crucial factor in the registration process when buying or selling property in Poonthamallee. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When you register a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that all transactions are conducted fairly and according to the established rates set by the Registration Department.

Frequently asked questions

What is the current guideline value of Bazaar street?

The current guideline value of Bazaar street is Rs 3,250 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 400 per sq.ft in 2007 to Rs 3,250 per sq.ft in 2024, reflecting an overall increase of 713% from 2007 to 2024.

What are the stamp duty rates for properties in Bazaar street?

The stamp duty for properties in Bazaar street is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Bazaar street?

The Poonamallee Sub Registrar Office handles property registrations for Bazaar street, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056.

What is the land classification of Bazaar street?

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