Guideline Value for Bazar Street

Bazar Street guideline value

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

How the guideline value of Bazar Street has changed

The guideline value for Bazar Street has seen significant changes over the years. In 2007, the value was Rs 175 per sq.ft, which increased dramatically to Rs 3,000 per sq.ft in 2012, marking an increase of 1614%. However, by 2017, it decreased to Rs 2,010 per sq.ft, a decline of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 1786%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft, with a median value of Rs 830 per sq.ft. Bazar Street's 2024 figure of Rs 3,300 per sq.ft is above this median.

• Bharathi Nagar: Rs 1,320 per sq.ft (2024)
• Bharathi Street: Rs 1,320 per sq.ft (2024)
• Bhavani Nagar: Rs 1,320 per sq.ft (2024)
• Balaji Nagar: Rs 830 per sq.ft (2024)
• Bikshi Nagar: Rs 660 per sq.ft (2024)
• B.M.D.Nagar: Rs 1,320 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty is charged at 7%, which totals Rs 2,31,000, and the registration fee is charged at 2%, totaling Rs 66,000. Together, the total cost for these fees is Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bazar Street?

The Sub Registrar Office that covers Bazar Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Padappai. It serves as a benchmark for determining the minimum value of properties, ensuring that transactions are recorded at a fair value.

When purchasing or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Bazar Street?

The current guideline value of Bazar 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 175 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1786%.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Which office handles property registration for Bazar Street?

The Padappai Sub Registrar Office handles property registration for Bazar Street, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the guideline value determined for properties in Padappai?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and recent revisions. It serves as a benchmark for property transactions in the area.