Guideline Value for Bunder Street (Murugappan Street)

Bunder Street (Murugappan Street) guideline value

The current guideline value of Bunder Street (Murugappan Street) is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Commercial Class I Type - II.

How the guideline value of Bunder Street (Murugappan Street) has changed

The guideline value for Bunder Street (Murugappan Street) has seen several revisions over the years. In 2003, the value was Rs 2,618 per sq.ft, which increased to Rs 3,000 per sq.ft in 2007. The 2012 revision saw a rise to Rs 8,000 per sq.ft, but in 2017, it dropped to Rs 5,360 per sq.ft. The value then increased significantly to Rs 8,000 per sq.ft in 2023, and currently stands at Rs 8,800 per sq.ft as of the 2024 revision. The register has no figure for the year 2002 for this street.

From 2003 to 2024, the overall change in guideline value is +236%. Notably, the jump from 2023 to 2024 is +10%, while the increase from 2017 to 2023 was +49%. The value saw a decrease of -33% from 2012 to 2017, and a substantial rise of +167% from 2007 to 2012, followed by a +15% increase from 2003 to 2007.

Guideline values in Muthiyalpet

In Muthiyalpet village, there are 357 streets under the Sowcarpet SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Bunder Street (Murugappan Street) above this median.

• Bunder Ramanaicken Model ‘A ’To ‘I ’: Rs 6,000 per sq.ft (2024)
• Bunder Ramanaicken Garden Broadway Part: Rs 4,400 per sq.ft (2024)
• Budha Sahib Street: Rs 4,400 per sq.ft (2024)
• Broadway: Rs 16,500 per sq.ft (2024)
• Bridge Rasa Road: Rs 6,000 per sq.ft (2024)
• Braiyra Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Bunder Street (Murugappan Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total cost for these fees to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Bunder Street (Murugappan Street)?

The Sub Registrar Office covering Bunder Street (Murugappan Street) is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bunder Street (Murugappan Street)?

The current guideline value of Bunder Street (Murugappan Street) is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,618 per sq.ft in 2003 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 236% over this period.

What is the median guideline value in Muthiyalpet?

The median guideline value for streets in Muthiyalpet is Rs 4,400 per sq.ft, with Bunder Street (Murugappan Street) being above this median at Rs 8,800 per sq.ft.

What fees are associated with property transactions in Bunder Street (Murugappan Street)?

For a property valued at Rs 88,00,000, the stamp duty is Rs 6,16,000 and the registration fee is Rs 1,76,000, totaling Rs 7,92,000 in fees.

Where is the Sub Registrar Office for Bunder Street (Murugappan Street)?

The Sub Registrar Office for Bunder Street (Murugappan Street) is located at No.11, Davidson Street, Sowcarpet, Chennai-01.