Guideline Value for Bank Street

Bank Street guideline value

The current guideline value of Bank Street in Oragadam village, under the Ambattur SRO, is Rs 2,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Special Type - I land classification.

How the guideline value of Bank Street has changed

The guideline value for Bank Street has undergone several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased significantly to Rs 2,200 per sq.ft in 2012, marking a rise of 267%. However, it then saw a decrease to Rs 1,474 per sq.ft in 2017, a drop of 33%. The value rebounded to Rs 2,200 per sq.ft in 2023, and most recently, it has increased to Rs 2,400 per sq.ft in 2024, reflecting a growth of 9%.

Notably, the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 300%, highlighting a significant change over the years.

Guideline values in Oragadam

In Oragadam, there are 596 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Bank Street is above this median, indicating its relative standing among other streets.

• Banu Nagar(10th Avenue): Rs 2,200 per sq.ft (2024)
• Banu Nagar(11th Avenue): Rs 2,200 per sq.ft (2024)
• Banu Nagar(12th Avenue): Rs 2,200 per sq.ft (2024)
• Banu Nagar(13th Avenue): Rs 2,200 per sq.ft (2024)
• Banu Nagar(14th Avenue): Rs 2,200 per sq.ft (2024)
• Banu Nagar(15th Avenue): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bank Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total to Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bank Street?

The Sub Registrar Office that covers Bank Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Oragadam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions are conducted transparently and fairly.

When buying or selling property, it is essential to consider the guideline value as it directly affects the stamp duty and registration fees payable. Buyers must be aware that these costs are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Bank Street?

The current guideline value of Bank Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024, marking a total increase of 300% over the years.

What is the land classification of Bank Street?

Bank Street falls under the Residential Special Type - I land classification.

Where can I find the Sub Registrar Office for Bank Street?

The Sub Registrar Office for Bank Street is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for properties in Bank Street?

Stamp duty for properties in Bank Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs a total stamp duty of Rs 1,68,000.