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

S.B.I.Colony Second Street guideline value

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

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

The guideline value for S.B.I.Colony Second Street has seen several revisions over the years. In 2002, the value was Rs 498 per sq.ft, which increased to Rs 542 per sq.ft in 2003, marking a 9% rise. By 2007, the value jumped significantly to Rs 650 per sq.ft, reflecting a 20% increase. The 2012 revision saw the value rise to Rs 3,500 per sq.ft, a substantial increase of 438% from 2007. However, this was followed by a decrease to Rs 2,345 per sq.ft in 2017, which was a reduction of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, and finally, it reached the current rate of Rs 3,850 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 673%. There are no figures available for the revisions in years other than those listed.

Guideline values in Valasaravakkam

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

• S.B.I.Colony Main Street: Rs 3,850 per sq.ft (2024)
• S.B.I.Colony Third Street: Rs 3,850 per sq.ft (2024)
• S.B.I.Colony First 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 Second Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

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

The S.B.I.Colony Second Street falls under 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 when registering property transactions in Valasaravakkam. It serves as a basis for calculating the stamp duty and registration fees, ensuring that these costs are aligned with the official value set by the government.

When buying or selling property, the guideline value helps determine the legal and financial responsibilities of both parties. It is essential for buyers to be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of S.B.I.Colony Second 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 significantly from Rs 498 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 673% over the years.

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

S.B.I.Colony Second Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

The stamp duty is 7% of the guideline value, and 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 Second Street located?

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