Guideline Value for Bazzar Street

Bazzar Street guideline value

The current guideline value of Bazzar Street in Arani village, under the Arani_Tiruvallur SRO, is Rs 600 per sq.ft, effective from 1 July 2024. This street falls under the Commercial Class I Type - II land classification.

How the guideline value of Bazzar Street has changed

Over the years, the guideline value of Bazzar Street has seen several revisions. In 2007, the guideline value was Rs 200 per sq.ft, which increased to Rs 600 per sq.ft in 2012, marking a significant increase of 200%. However, in 2017, the value dropped to Rs 402 per sq.ft, a decrease of 33%. The value then rose to Rs 600 per sq.ft in both 2023 and 2024, showing no change between these two revisions. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 200%, reflecting the fluctuations in the property market over the years.

Guideline values in Arani

In Arani, there are 51 streets under the Arani_Tiruvallur SRO that carry a guideline value for 2024, ranging from Rs 200 to Rs 600 per sq.ft. The median value among these streets is Rs 300 per sq.ft, placing Bazzar Street's 2024 figure above this median.

• Bestha Veethi: Rs 350 per sq.ft (2024)
• Balaji Nagar: Rs 200 per sq.ft (2024)
• B.V.T. Nagar: Rs 600 per sq.ft (2024)
• Chetti Street: Rs 500 per sq.ft (2024)
• Athikulam Street: Rs 200 per sq.ft (2024)
• Athikulam Bazzar Street: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Bazzar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value amounts to Rs 6,00,000. The stamp duty at 7% would be Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total cost to Rs 54,000. 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 Street?

The Sub Registrar Office that covers Bazzar Street is the Arani_Tiruvallur Sub Registrar Office, located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Arani. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When you register a property, the guideline value is used to calculate the total fees based on the property size and the current rate. This ensures that all parties involved are aware of the financial obligations associated with the property transfer.

Frequently asked questions

What is the current guideline value of Bazzar Street?

The current guideline value of Bazzar Street is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value of Bazzar Street changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 600 per sq.ft in 2012, then decreased to Rs 402 per sq.ft in 2017, and remained at Rs 600 per sq.ft in 2023 and 2024.

What is the land classification of Bazzar Street?

Bazzar Street is classified as Commercial Class I Type - II under the land classification system.

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

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total guideline value is Rs 6,00,000, leading to a stamp duty of Rs 42,000 and a registration fee of Rs 12,000.

Which office handles property registrations for Bazzar Street?

The Arani_Tiruvallur Sub Registrar Office handles property registrations for Bazzar Street, located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101.