Guideline Value for Reserve Bank Colony 3rd Street

Reserve Bank Colony 3rd Street guideline value

The current guideline value of Reserve Bank Colony 3rd 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 is classified as Residential Class I Type - II.

How the guideline value of Reserve Bank Colony 3rd Street has changed

Over the years, the guideline value of Reserve Bank Colony 3rd Street has seen several revisions. Starting from Rs 556 per sq.ft in 2003, the value increased to Rs 1,000 per sq.ft in 2007, marking a significant rise of 80%. In 2012, the value remained unchanged at Rs 3,000 per sq.ft, but it dropped to Rs 2,010 per sq.ft in 2017, reflecting a decrease of 33%. The 2023 revision brought the value back up to Rs 3,000 per sq.ft, and the latest revision in 2024 set it at Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 494%.

Guideline values in Zaminpallavaram

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

• Reserve Bank Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 4th Street: Rs 3,240 per sq.ft (2024)
• Reserve Bank Colony 1st Street: Rs 3,300 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 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 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 or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Reserve Bank Colony 3rd Street?

The Sub Registrar Office covering Reserve Bank Colony 3rd Street is 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 crucial factor during the registration of property transactions in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property, and it is essential for both buyers and sellers to be aware of these values to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Reserve Bank Colony 3rd Street?

The current guideline value of Reserve Bank Colony 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 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 are the stamp duty and registration fees for 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.

Which office handles the registration for Reserve Bank Colony 3rd Street?

The Pallavaram Sub Registrar Office handles the registration for Reserve Bank Colony 3rd Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value is important as it sets the minimum value for property registration, ensuring the correct amount of stamp duty and registration fees are collected during a transaction.