Guideline Value for Bazar Street

Bazar Street guideline value

The current guideline value of Bazar Street is Rs 1,500 per sq.ft, effective from 1 July 2024. This street is located in Uthiramerur village under the Uthiramerur SRO, classified as Commercial Class I Type - I.

How the guideline value of Bazar Street has changed

Over the years, the guideline value of Bazar Street has seen several revisions. The 2007 revision set the value at Rs 386 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in the 2012 revision. However, there was a decrease to Rs 1,005 per sq.ft in the 2017 revision, before stabilizing at Rs 1,500 per sq.ft in both the 2023 and 2024 revisions. Notably, there are no figures available for the revisions from 2002 and 2003 for this street.

From 2017 to 2023, the value remained unchanged at Rs 1,500 per sq.ft, marking a 49% increase from the 2017 figure. The overall change from the 2007 revision to the current 2024 revision reflects a substantial increase of 289% in the guideline value.

Guideline values in Uthiramerur

In Uthiramerur village, there are 180 streets under the Uthiramerur SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 1,800 per sq.ft, with a median value of Rs 800 per sq.ft. Bazar Street's guideline value of Rs 1,500 per sq.ft is above this median.

• Balaji Nagar: Rs 300 per sq.ft (2024)
• Ayya Thandavaraya Chetty Street: Rs 1,500 per sq.ft (2024)
• Ayya Dhurai Nayudu Street: Rs 1,200 per sq.ft (2024)
• Astalakshmi Homes: Rs 1,000 per sq.ft (2024)
• Asaiya Nagar: Rs 905 per sq.ft (2024)
• ChettiPettai: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Bazar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,500 per sq.ft, the total guideline value amounts to Rs 15,00,000. The stamp duty at 7% would be Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, making the total cost for these fees Rs 1,35,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for accurate calculations based on your specific property details.

Which Sub Registrar Office covers Bazar Street?

The Sub Registrar Office that covers Bazar Street is the Uthiramerur Sub Registrar Office, located at No.16, Sundara Vardharaja Perumal Koil Sannathi Street, Uthiramerur- 603406, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Uthiramerur. It is utilized to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property sales.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the transaction reflects a fair value for taxation purposes.

Frequently asked questions

What is the current guideline value of Bazar Street?

The current guideline value of Bazar Street is Rs 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various revisions, with the most notable changes occurring from Rs 386 per sq.ft in 2007 to Rs 1,500 per sq.ft in 2012, followed by a decrease to Rs 1,005 per sq.ft in 2017, and then remaining stable at Rs 1,500 per sq.ft in 2023 and 2024.

What is the land classification of Bazar Street?

Bazar Street is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for properties in Bazar Street?

For a property valued at Rs 15,00,000, the stamp duty would be Rs 1,05,000 and the registration fee would be Rs 30,000, totaling Rs 1,35,000. This is based on the current guideline value of Rs 1,500 per sq.ft.

Where is the Sub Registrar Office located for Bazar Street?

The Uthiramerur Sub Registrar Office is located at No.16, Sundara Vardharaja Perumal Koil Sannathi Street, Uthiramerur- 603406, Chengalpattu registration zone.