Guideline Value for Bengali Bazaar Road (M.K.N.Road)

Bengali Bazaar Road (M.K.N.Road) guideline value

The current guideline value of Bengali Bazaar Road (M.K.N.Road) is Rs 5,500 per sq.ft, effective from 1 July 2024. This road is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Bengali Bazaar Road (M.K.N.Road) has changed

The guideline value for Bengali Bazaar Road (M.K.N.Road) has seen significant changes over the years. In 2002, the guideline value was Rs 547 per sq.ft, which increased to Rs 684 per sq.ft in 2003. Following this, there was a substantial rise to Rs 1,800 per sq.ft in 2007, marking an increase of 163%. The value then surged to Rs 5,000 per sq.ft in 2012, reflecting a growth of 178%. However, it decreased to Rs 3,350 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, before reaching the current rate of Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 905%. The register has no figures for the years not mentioned in this overview.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median of Rs 3,850 per sq.ft. The guideline value for Bengali Bazaar Road (M.K.N.Road) is above this median.

• Bazaar Road: Rs 4,400 per sq.ft (2024)
• Bazaar Lane: Rs 3,850 per sq.ft (2024)
• Bharathi Nagar: Rs 3,300 per sq.ft (2024)
• BI Police Quarters: Rs 3,300 per sq.ft (2024)
• Butt Lane: Rs 4,400 per sq.ft (2024)
• Butt Road: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Bengali Bazaar Road (M.K.N.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, bringing the total fees to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Bengali Bazaar Road (M.K.N.Road)?

The Sub Registrar Office that covers Bengali Bazaar Road (M.K.N.Road) is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring compliance with local regulations.

When a property is registered, the guideline value is assessed to ensure that the transaction reflects the appropriate value for taxation purposes. This helps maintain transparency and accountability in property dealings, safeguarding the interests of both buyers and sellers.

Frequently asked questions

What is the current guideline value of Bengali Bazaar Road (M.K.N.Road)?

The current guideline value of Bengali Bazaar Road (M.K.N.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 has increased from Rs 547 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 905% over the years.

What are the stamp duty and registration fees for property in this area?

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.

Which Sub Registrar Office covers this street?

The Chennai South Joint II Sub Registrar Office covers Bengali Bazaar Road (M.K.N.Road), located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the transaction adheres to local regulations and reflects the appropriate value for taxation purposes.