Guideline Value for Bazzar St

Bazzar St guideline value

The current guideline value of Bazzar St in Perampakkam village, under the Perambakkam SRO, is Rs 500 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of Bazzar St has changed

Over the years, the guideline value of Bazzar St has seen several revisions. The 2007 revision set the value at Rs 150 per sq.ft, which increased significantly to Rs 500 per sq.ft in the 2012 revision. However, in the 2017 revision, the value dropped to Rs 335 per sq.ft, before rising again to Rs 500 per sq.ft in both the 2023 and 2024 revisions. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From the 2017 revision to 2023, the guideline value increased by 49%. The overall change from 2007 to 2024 reflects a substantial increase of 233%. The 2024 figure remains consistent with the previous year's value, indicating stability in the guideline value for this street.

Guideline values in Perampakkam

In Perampakkam, there are 20 streets under the Perambakkam SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 500 per sq.ft. The median value for these streets is Rs 350 per sq.ft, positioning Bazzar St's 2024 figure above that median.

• Brahmanar St: Rs 350 per sq.ft (2024)
• Anna salai: Rs 400 per sq.ft (2024)
• Eswaran Koil St: Rs 350 per sq.ft (2024)
• Gandhi Nagar: Rs 350 per sq.ft (2024)
• Hospital Road: Rs 400 per sq.ft (2024)
• Jothi Ramalingam Nagar: Rs 350 per sq.ft (2024)

Stamp duty and registration fee for property in Bazzar St

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total cost for these fees to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bazzar St?

The Sub Registrar Office that covers Bazzar St is the Perambakkam Sub Registrar Office, located at Jothi Ramalinga Nagar, near the Post Office, Perambakkam, 631402, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is a critical factor during the registration of property transactions in Perampakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is essential for calculating the taxes and fees associated with the transaction, ensuring transparency in the property market.

Frequently asked questions

What is the current guideline value of Bazzar St?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017, and returned to Rs 500 per sq.ft in both 2023 and 2024.

What is the land classification for Bazzar St?

Bazzar St is classified as Residential Special Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Bazzar St?

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000 for these fees.

Which office handles property registrations for Bazzar St?

The Perambakkam Sub Registrar Office, located at Jothi Ramalinga Nagar, near the Post Office, is responsible for property registrations for Bazzar St.