Guideline Value for Bank Colony 2nd Street

Bank Colony 2nd Street guideline value

The current guideline value of Bank Colony 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO and is classified as Commercial Class I Type - I.

How the guideline value of Bank Colony 2nd Street has changed

Since the 2002 revision, the guideline value register has no figures for the years 2003, 2007, 2017, and 2023 for Bank Colony 2nd Street. The 2012 revision set the guideline value at Rs 2,500 per sq.ft, which was then increased to Rs 2,750 per sq.ft in the 2024 revision, reflecting a change of +10% over this period.

From the 2012 revision to the current 2024 figure, the guideline value increased from Rs 2,500 to Rs 2,750 per sq.ft. This change indicates a steady increase in the valuation of the street over the years.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, placing Bank Colony 2nd Street's 2024 figure above that median.

• Bank Colony 1st Street: Rs 2,750 per sq.ft (2024)
• Bank Colony 3rd Street: Rs 2,750 per sq.ft (2024)
• Bank Colony: Rs 2,750 per sq.ft (2024)
• Balaji Nagar West Main Road: Rs 2,200 per sq.ft (2024)
• Balaji Nagar East Main Road: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 8th Street Malligai Iniya Illam: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bank Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. 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 more details.

Which Sub Registrar Office covers Bank Colony 2nd Street?

The Sub Registrar Office that covers Bank Colony 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone.

You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madambakkam. It is used to determine the stamp duty and registration fees applicable during the registration of property sales, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value serves as a benchmark for the transaction price. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid any potential legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Bank Colony 2nd Street?

The current guideline value of Bank Colony 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in the 2012 revision to Rs 2,750 per sq.ft in the 2024 revision, reflecting a +10% increase. There are no figures available for the years 2003, 2007, 2017, and 2023 for this street.

What is the land classification for Bank Colony 2nd Street?

Bank Colony 2nd Street is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

What are the stamp duty rates applicable?

The stamp duty for property transactions in Bank Colony 2nd Street is charged at a rate of 7% on the guideline value or the sale price, whichever is higher. The registration fee is 2% of the guideline value.

Where can I find the Sub Registrar Office for Bank Colony 2nd Street?

The Selaiyur Sub Registrar Office covers Bank Colony 2nd Street and is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.