Guideline Value for S.B.I.Colony First Street

S.B.I.Colony First Street guideline value

The current guideline value of S.B.I.Colony First Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of S.B.I.Colony First Street has changed

The guideline value for S.B.I.Colony First Street has seen several revisions over the years. Starting from 2002, the guideline value was Rs 498 per sq.ft. It increased to Rs 542 per sq.ft in 2003, marking a 9% rise. The value continued to grow, reaching Rs 800 per sq.ft in 2007, which was a significant increase of 48%. The next revision in 2012 saw the value remain at Rs 3,500 per sq.ft, indicating no change in this period.

From 2012 to 2017, the guideline value decreased to Rs 2,345 per sq.ft, reflecting a decline of 33%. However, the value rebounded to Rs 3,500 per sq.ft in 2023, followed by a further increase to the current value of Rs 3,850 per sq.ft in 2024, which is a 10% rise from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 673%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a guideline value for 2024 ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is equal to the current value of S.B.I.Colony First Street.

• S.B.I.Colony Main Street: Rs 3,850 per sq.ft (2024)
• S.B.I.Colony Second Street: Rs 3,850 per sq.ft (2024)
• S.B.I.Colony Third Street: Rs 3,850 per sq.ft (2024)
• Sastha Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Sastha Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Sastha Nagar 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in S.B.I.Colony First Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty, charged at 7%, would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, these fees would total Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers S.B.I.Colony First Street?

The Sub Registrar Office that covers S.B.I.Colony First Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of S.B.I.Colony First Street?

The current guideline value of S.B.I.Colony First Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 498 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 673% over this period.

What are the other streets in Valasaravakkam with the same guideline value?

Other streets in Valasaravakkam with the same guideline value of Rs 3,850 per sq.ft include S.B.I.Colony Main Street, S.B.I.Colony Second Street, and S.B.I.Colony Third Street.

What are the stamp duty and registration fees for a property in S.B.I.Colony First Street?

The stamp duty for a property in S.B.I.Colony First Street is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 3,46,500.

Where is the Sub Registrar Office for S.B.I.Colony First Street located?

The Sub Registrar Office for S.B.I.Colony First Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.