Guideline Value for SBI Colony

SBI Colony guideline value

The current guideline value of SBI Colony, located in Urur village under the Adayar SRO, is Rs 7,700 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of SBI Colony has changed

The guideline value for SBI Colony has seen several revisions over the years. In 2002, the value was Rs 1,110 per sq.ft, which increased to Rs 1,313 per sq.ft in 2003, marking an 18% rise. The value continued to rise significantly, reaching Rs 4,200 per sq.ft in 2007, which was a substantial increase of 220%. Following this, the value adjusted to Rs 7,000 per sq.ft in 2012, reflecting a 67% increase from the previous revision. However, between 2012 and 2017, the value saw a decrease of 33%, settling at Rs 4,690 per sq.ft.

From 2017 to 2023, the guideline value surged to Rs 7,000 per sq.ft, a notable increase of 49%. The most recent revision in 2024 set the value at Rs 7,700 per sq.ft, representing a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 594%. There are no figures available for revisions in years not listed in the register.

Guideline values in Urur

In Urur village, there are 176 streets under the Adayar SRO with a 2024 guideline value range from Rs 4,400 to Rs 15,400 per sq.ft. The median value for these streets is Rs 6,600 per sq.ft, placing SBI Colony's 2024 figure above this median.

• Sashthri Nagar 9th Lane: Rs 7,700 per sq.ft (2024)
• Sashthri Nagar 9th Cross Street: Rs 7,700 per sq.ft (2024)
• Sashthri Nagar 8th Lane street: Rs 7,700 per sq.ft (2024)
• Sashthri Nagar 8th Cross Street: Rs 9,900 per sq.ft (2024)
• Sashthri Nagar 7th Lane Street: Rs 7,700 per sq.ft (2024)
• Sashthri Nagar 7th Cross Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in SBI Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty, charged at 7%, would be Rs 5,39,000, while the registration fee at 2% would be Rs 1,54,000. Together, the total charges would be Rs 6,93,000. 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 SBI Colony?

The Sub Registrar Office that covers SBI Colony is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Urur. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. Buyers must be aware that the guideline value is considered during the registration process, ensuring that the property is valued appropriately according to the latest revisions.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount of revenue based on the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of SBI Colony?

The current guideline value of SBI Colony is Rs 7,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly over the years, from Rs 1,110 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 594%.

What is the stamp duty rate for properties in SBI Colony?

The stamp duty rate for properties in SBI Colony is 7%, which is applied to the higher of the guideline value or the sale price.

Where can I find the Adayar Sub Registrar Office?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department's guideline value register, which is revised periodically to reflect changes in property values across different areas.