Guideline Value for Old SBI Colony Road 3rd Street

Old SBI Colony Road 3rd Street guideline value

The current guideline value of Old SBI Colony Road 3rd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Old SBI Colony Road 3rd Street has changed

The guideline value for Old SBI Colony Road 3rd Street has seen several revisions over the years. The earliest available figure is from 2012, where the value was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in 2017. In 2023, the value increased to Rs 3,000 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The overall change from the 2012 revision to the 2024 revision shows a 10% increase, reflecting the current guideline value of Rs 3,300 per sq.ft.

Guideline values in Tambaram

In Tambaram village, 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. The median value among these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value of Old SBI Colony Road 3rd Street.

• Old SBI Colony Road 2nd Street: Rs 3,300 per sq.ft (2024)
• Old SBI Colony Road 4th Street: Rs 3,300 per sq.ft (2024)
• Old SBI Colony Road 1st Street: Rs 3,300 per sq.ft (2024)
• Old State Bank Colony Main Road: Rs 4,400 per sq.ft (2024)
• Oil Mill Street: Rs 3,300 per sq.ft (2024)
• Nithyanantham Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Old SBI Colony Road 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost would be Rs 2,97,000. 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 more information.

Which Sub Registrar Office covers Old SBI Colony Road 3rd Street?

The Sub Registrar Office that covers Old SBI Colony Road 3rd Street is 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 details.

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

The guideline value is a crucial factor when buying or selling property in Tambaram, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that a buyer must pay during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded accurately and fairly. It helps in maintaining transparency in property dealings, ensuring that both buyers and sellers are aware of the official value set by the authorities.

Frequently asked questions

What is the current guideline value of Old SBI Colony Road 3rd Street?

The current guideline value of Old SBI Colony Road 3rd Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Old SBI Colony Road 3rd Street?

The land classification for Old SBI Colony Road 3rd Street is Residential Class I Type - I.

Where can I find the registration office for Old SBI Colony Road 3rd Street?

The registration office for Old SBI Colony Road 3rd Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Tambaram?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.