Guideline Value for New State Bank Colony

New State Bank Colony guideline value

The current guideline value of New State Bank Colony is Rs 5,500 per sq.ft, effective from 1 July 2024. This colony is located in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Residential Special Type - I.

How the guideline value of New State Bank Colony has changed

The guideline value for New State Bank Colony has undergone several revisions over the years. In 2002, the guideline value was Rs 323 per sq.ft. This increased to Rs 450 per sq.ft in 2003, showing a rise of 39%. The next revision in 2007 saw a significant jump to Rs 600 per sq.ft, reflecting a 33% increase. Following this, the 2012 revision set the value at Rs 5,000 per sq.ft, which was a decrease of 733% from the previous figure.

In 2017, the guideline value increased to Rs 3,350 per sq.ft, marking a 49% rise from the 2012 revision. The 2023 revision further raised the value to Rs 5,000 per sq.ft, and the latest revision in 2024 has set it at Rs 5,500 per sq.ft, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1603%.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for New State Bank Colony is above this median.

• Nithyanantham Nagar: Rs 3,300 per sq.ft (2024)
• Oil Mill Street: Rs 3,300 per sq.ft (2024)
• Old SBI Colony Road 1st Street: Rs 3,300 per sq.ft (2024)
• Old SBI Colony Road 2nd Street: Rs 3,300 per sq.ft (2024)
• Old SBI Colony Road 3rd Street: Rs 3,300 per sq.ft (2024)
• Old SBI Colony Road 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in New State Bank Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is important to note that 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 New State Bank Colony?

The New State Bank Colony falls under the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

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

When buying or selling property, the guideline value helps both buyers and sellers understand the official value of the property. This value is important for calculating the applicable stamp duty and registration fees, which are mandatory during the transaction process.

Frequently asked questions

What is the current guideline value of New State Bank Colony?

The current guideline value of New State Bank Colony is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 323 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1603% across various revisions.

What are the other streets with guideline values in Tambaram?

Other streets in Tambaram include Nithyanantham Nagar, Oil Mill Street, and several Old SBI Colony Roads, all with a guideline value of Rs 3,300 per sq.ft for 2024.

What fees are involved when registering property in New State Bank Colony?

When registering property in New State Bank Colony, the fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for New State Bank Colony located?

The Sub Registrar Office covering New State Bank Colony is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.