Guideline Value for Bank Street

Bank Street guideline value

The current guideline value of Bank Street, located in Egmore village under the Periamet SRO, is Rs 11,000 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Class I Type - II.

How the guideline value of Bank Street has changed

The guideline value for Bank Street has seen significant changes over the years. Starting with the 2002 revision, the value was Rs 1,055 per sq.ft. This increased to Rs 1,163 per sq.ft in 2003, marking a 10% rise. The value then rose substantially to Rs 2,000 per sq.ft in 2007, a jump of 72%. By 2012, the guideline value was Rs 10,000 per sq.ft, reflecting a remarkable increase of 400% from the previous revision. However, it decreased by 33% to Rs 6,700 per sq.ft in 2017.

In the subsequent revisions, the value increased again, with a rise to Rs 10,000 per sq.ft in 2023, followed by a further increase of 10% to reach the current value of Rs 11,000 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 943%. There are no figures for any other years in the register for this street.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, which means Bank Street's 2024 figure is above that median.

• Bandala Dhanammal Road: Rs 11,000 per sq.ft (2024)
• Bandala chitti Babu NaiduStreet: Rs 13,500 per sq.ft (2024)
• Basha Sahib 1st lane: Rs 7,100 per sq.ft (2024)
• Basha Sahib 2nd lane: Rs 7,100 per sq.ft (2024)
• Basha Sahib IIIrd Lane: Rs 3,900 per sq.ft (2024)
• Batcha Sahib street: Rs 7,100 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 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, bringing the total to Rs 9,90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, 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 Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Egmore. It is used to determine the stamp duty and registration fees, which are calculated based on the higher of the guideline value or the actual sale price of the property.

Additionally, the guideline value helps ensure transparency in property transactions, as it provides a standardized measure for property valuation in the area. Buyers and sellers should be aware of the current guideline value to accurately assess the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Bank Street?

The current guideline value of Bank Street is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,055 per sq.ft in 2002 to Rs 11,000 per sq.ft in 2024, representing an overall increase of 943%.

What is the classification of land on Bank Street?

The land classification for Bank Street is Residential Class I Type - II.

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

The Sub Registrar Office for Bank Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated on property in Bank Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000 at 7%.