Guideline Value for Reserve Bank Colony 2nd Street

Reserve Bank Colony 2nd Street guideline value

The current guideline value of Reserve Bank Colony 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village under the Pallavaram SRO, and it falls under the Residential Class I Type - II land classification.

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

The guideline value for Reserve Bank Colony 2nd Street has seen several revisions over the years. In 2003, the guideline 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 then surged to Rs 3,000 per sq.ft in 2012, reflecting a remarkable growth of 200%. However, it decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, followed by a further increase to Rs 3,300 per sq.ft in 2024, representing a 10% increase.

Overall, from 2003 to 2024, the guideline value has increased by 494%. The register has no figure for the year 2002 for this street.

Guideline values in Zaminpallavaram

Zaminpallavaram consists of 638 streets under the Pallavaram SRO, with 2024 guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the 2024 figure for Reserve Bank Colony 2nd Street.

• Reserve Bank Colony 1st 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)
• R.K.V. Avenue: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Reserve Bank Colony 2nd 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, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Reserve Bank Colony 2nd Street?

The Reserve Bank Colony 2nd Street falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is an essential factor in property transactions in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the guideline value ensures that the transaction is documented at a price that reflects the current market standards set by the government. This process aids in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

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

The current guideline value of Reserve Bank Colony 2nd 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 several times, starting from Rs 556 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 494% over the years.

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

Reserve Bank Colony 2nd Street is classified as Residential Class I Type - II, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Reserve Bank Colony 2nd Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. 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%.