Guideline Value for Bazar Street

Bazar Street guideline value

The current guideline value of Bazar Street in Thiruvallur village is Rs 3,300 per sq.ft, effective from 1 July 2024. This property falls under the Tiruvallur Joint 1 SRO and is classified as Residential Special Type - V.

How the guideline value of Bazar Street has changed

Over the years, the guideline value of Bazar Street has seen significant changes. The 2007 revision set the value at Rs 500 per sq.ft, which increased dramatically to Rs 3,000 per sq.ft in the 2012 revision, marking a 500% rise. However, the value then decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The 2023 revision brought it back up to Rs 3,000 per sq.ft, and the most recent 2024 revision has set it at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 560%.

Guideline values in Thiruvallur

In Thiruvallur, there are 172 streets under the Tiruvallur Joint 1 SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 3,850 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, making Bazar Street's 2024 figure above that median.

• Began Street: Rs 1,100 per sq.ft (2024)
• Barathidasan Street: Rs 1,100 per sq.ft (2024)
• Bala Vinayagar Street: Rs 1,650 per sq.ft (2024)
• Bharathiyar Street: Rs 1,100 per sq.ft (2024)
• Bypass Road: Rs 3,300 per sq.ft (2024)
• Chekkadi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bazar Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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 to Rs 2,97,000. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our 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 Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.N. Road, Taluk Office Compound, Thiruvallur-602001, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Thiruvallur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are essential for the legal transfer of property ownership. This ensures that all transactions are conducted fairly and transparently, reflecting the established values in the area.

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 500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 560% over this period.

What is the land classification for Bazar Street?

Bazar Street is classified as Residential Special Type - V, which indicates its intended use for residential purposes.

Where can I find the Sub Registrar Office for Bazar Street?

The Sub Registrar Office for Bazar Street is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.N. Road, Taluk Office Compound, Thiruvallur-602001.

How is stamp duty calculated for properties in Bazar Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.