Guideline Value for Bunk Street

Bunk Street guideline value

The current guideline value of Bunk Street in Erukancherry village is Rs 1,900 per sq.ft, effective from 1 July 2024. This street falls under the Madhavaram SRO and is classified as Residential Class V Type - I.

How the guideline value of Bunk Street has changed

The guideline value for Bunk Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which was then reduced to Rs 1,206 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,800 per sq.ft in 2023, and currently stands at Rs 1,900 per sq.ft as per the 2024 revision. There are no figures available for the years 2002, 2003, and 2007 for this street.

Between the revisions, the changes are notable. From 2017 to 2023, there was a 49% increase, while from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 6%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, positioning Bunk Street's 2024 figure below that median.

• Big Street: Rs 1,900 per sq.ft (2024)
• Bhavani Amman Koil Street: Rs 2,200 per sq.ft (2024)
• Chenngaiya Mastry 1st Lane: Rs 2,200 per sq.ft (2024)
• Chenngaiyar Maistry Street: Rs 2,200 per sq.ft (2024)
• Bharathiyar Street (Nehru Nagar): Rs 3,000 per sq.ft (2024)
• Bharathiyar Street Extension: Rs 3,000 per sq.ft (2024)

Stamp duty and registration fee for property in Bunk Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, while the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Bunk Street?

The Sub Registrar Office that covers Bunk Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the current guideline value, as it can influence negotiations and the overall transaction process. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Bunk Street?

The current guideline value of Bunk Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and is currently Rs 1,900 per sq.ft in 2024.

What is the land classification for Bunk Street?

Bunk Street is classified as Residential Class V Type - I under the Madhavaram SRO.

What are the stamp duty and registration fees for property in Bunk Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 1,71,000.

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

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information by visiting the provided link.