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

S.B.I.Colony Main Street guideline value

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

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

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure remained the same in the 2012 revision. However, in the 2017 revision, the value decreased to Rs 2,345 per sq.ft, marking a decline of 33%. The value then saw a significant increase to Rs 3,500 per sq.ft in the 2023 revision, which was a rise of 49%. The most recent 2024 revision set the guideline value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Valasaravakkam

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

• S.B.I.Colony First 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 Main 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. Therefore, the total cost for stamp duty and registration would be Rs 3,46,500. It is important to note that 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 S.B.I.Colony Main Street?

The Sub Registrar Office that covers S.B.I.Colony Main 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Valasaravakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the higher of the guideline value or the actual sale price, which ensures that the transaction is recorded accurately and fairly.

Frequently asked questions

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

The current guideline value of S.B.I.Colony Main 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 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification for S.B.I.Colony Main Street?

The land classification for S.B.I.Colony Main Street is Residential Class II Type - I.

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 First Street, S.B.I.Colony Second Street, and S.B.I.Colony Third Street.

Where can I find the Sub Registrar Office for S.B.I.Colony Main Street?

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