Guideline Value for Bazzar Road (Madipakkam Velachery Main Road)

Bazzar Road (Madipakkam Velachery Main Road) guideline value

The current guideline value of Bazzar Road (Madipakkam Velachery Main Road) is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village and falls under the Velacheri SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Bazzar Road (Madipakkam Velachery Main Road) has changed

The guideline value for Bazzar Road has undergone several revisions over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 5,000 per sq.ft. Following this, the 2024 revision increased the value to Rs 5,500 per sq.ft, marking a change of +10% from the previous year.

Currently, the 2024 guideline value of Rs 5,500 per sq.ft is significantly above the median guideline value of Rs 2,750 per sq.ft for the 1,823 streets in Madipakkam-1 under the Velacheri SRO. This indicates that Bazzar Road is among the higher-valued streets in the area.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft as per the 2024 revision, with the median being Rs 2,750 per sq.ft. Bazzar Road's current value is above this median. Below are the guideline values for other streets in Madipakkam-1:

• Bazzar Road,Sadasivam Nagar: Rs 5,500 per sq.ft (2024)
• Bazaar Street (Velachery Main Road): Rs 5,500 per sq.ft (2024)
• Bazaar Road Balaiah Garden: Rs 5,500 per sq.ft (2024)
• Baroda Colony W.D. Krishnamoorthy Nagar: Rs 2,200 per sq.ft (2024)
• Baroda Colony, Sakthi Nagar Extn: Rs 2,200 per sq.ft (2024)
• Baroda Colony (Bank of Barodo Colony): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bazzar Road (Madipakkam Velachery Main Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total fees Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bazzar Road (Madipakkam Velachery Main Road)?

The Sub Registrar Office that covers Bazzar Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process for property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in real estate transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, making it essential for buyers and sellers to be aware of the current guideline values.

Frequently asked questions

What is the current guideline value of Bazzar Road?

The current guideline value of Bazzar Road (Madipakkam Velachery Main Road) is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Bazzar Road has seen revisions in 2023 and 2024, with the 2023 value at Rs 5,000 per sq.ft and a subsequent increase to Rs 5,500 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Bazzar Road?

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

What are the stamp duty and registration fees for properties on Bazzar Road?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000. These fees are based on the higher of the guideline value and the sale price.

Where is the Sub Registrar Office for Bazzar Road located?

The Velacheri Sub Registrar Office, which covers Bazzar Road, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.