Guideline Value for Reserve Bank Colony 1st Street

Reserve Bank Colony 1st Street guideline value

The current guideline value of Reserve Bank Colony 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village under the Pallavaram SRO, classified as Residential Class I Type - II.

How the guideline value of Reserve Bank Colony 1st Street has changed

The guideline value for Reserve Bank Colony 1st Street has undergone several revisions over the years. In 2003, the value was Rs 556 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a significant rise of 80%. The value remained unchanged at Rs 3,000 per sq.ft from 2012 until the 2023 revision.

The most recent revision in 2024 brought the guideline value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year's figure of Rs 3,000 per sq.ft. Notably, there are no figures available for the years 2002 and 2017 in the register for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which aligns with the guideline value of Reserve Bank Colony 1st Street.

• Reserve Bank Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 3rd Street: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 4th Street: Rs 3,240 per sq.ft (2024)
• Renuka Nagar: Rs 3,300 per sq.ft (2024)
• R.B.Colony 1 To 5 Streets: Rs 3,300 per sq.ft (2024)
• Rayapettai Odai Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Reserve Bank Colony 1st Street

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

Which Sub Registrar Office covers Reserve Bank Colony 1st Street?

The Reserve Bank Colony 1st Street falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration process of property transactions in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that both buyers and sellers are aware of the official valuation of the property.

When buying or selling property, the guideline value helps to establish a transparent and standardized process. It ensures that all transactions are recorded accurately, reflecting the true value of the property being exchanged.

Frequently asked questions

What is the current guideline value of Reserve Bank Colony 1st Street?

The current guideline value of Reserve Bank Colony 1st 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 556 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 494% over the years.

What is the registration office for Reserve Bank Colony 1st Street?

The registration office for Reserve Bank Colony 1st Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Are there other streets with the same guideline value in Zaminpallavaram?

Yes, several other streets in Zaminpallavaram have the same guideline value of Rs 3,300 per sq.ft, including Reserve Bank Colony 2nd Street, Reserve Bank Colony 3rd Street, and Renuka Nagar.