Guideline Value for Habeeb Bazaar Street

Habeeb Bazaar Street guideline value

The current guideline value of Habeeb Bazaar Street in Naravarikuppam village, under the Redhills SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Class I Type - I.

How the guideline value of Habeeb Bazaar Street has changed

Over the years, the guideline value of Habeeb Bazaar Street has undergone several revisions. The earliest recorded figure is from 2007, where it was Rs 700 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a substantial rise of 329%. However, it then decreased to Rs 2,010 per sq.ft in 2017, reflecting a drop of 33%. In 2023, the value rose again to Rs 3,000 per sq.ft, and the latest revision in 2024 sees it at Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

There are no recorded figures for the revisions in 2002 and 2003 for this street. From 2017 to 2023, the increase was 49%, bringing the value to Rs 3,000 per sq.ft. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 371%.

Guideline values in Naravarikuppam

Naravarikuppam has a total of 112 streets under the Redhills SRO, with guideline values for 2024 ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Habeeb Bazaar Street's 2024 figure above this median.

• G.N.T. Road: Rs 3,300 per sq.ft (2024)
• Jawaharlal Nagar: Rs 3,300 per sq.ft (2024)
• Jawaharlal Nagar Annex: Rs 2,200 per sq.ft (2024)
• Jawharlal Nagar: Rs 3,300 per sq.ft (2024)
• Jeevanandam Street: Rs 1,650 per sq.ft (2024)
• Jeevarathinam Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Habeeb Bazaar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total 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 important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Habeeb Bazaar Street?

The Sub Registrar Office that covers Habeeb Bazaar Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Naravarikuppam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are recorded at a fair value.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Habeeb Bazaar Street?

The current guideline value of Habeeb Bazaar Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 371% over this period.

What is the land classification of Habeeb Bazaar Street?

Habeeb Bazaar Street is classified as Commercial Class I Type - I.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Habeeb Bazaar Street?

The Redhills Sub Registrar Office handles property registrations for Habeeb Bazaar Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.