Guideline Value for SBI colony Ist street

SBI colony Ist street guideline value

The current guideline value of SBI colony Ist street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO, classified as Residential Class I Type - II.

How the guideline value of SBI colony Ist street has changed

The guideline value for SBI colony Ist street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. The value then increased significantly to Rs 2,500 per sq.ft in the 2023 revision, and further rose to Rs 2,750 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing SBI colony Ist street's 2024 figure above this median.

• Sayee Avenue: Rs 2,750 per sq.ft (2024)
• Savitha Avenue: Rs 1,320 per sq.ft (2024)
• Saththirapathy Sivaji 1st Street Sanmugam Nagar: Rs 1,650 per sq.ft (2024)
• Saththapathy Sivaji 2nd Street Sanmugam Nagar: Rs 1,650 per sq.ft (2024)
• Sathrapathi Sivaji Street: Rs 1,650 per sq.ft (2024)
• Sathrapathi Sivaji Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in SBI colony Ist street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total charges to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers SBI colony Ist street?

The SBI colony Ist street falls under the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Chitlapakkam, as it determines the minimum value at which a property can be registered. It is essential for both buyers and sellers to be aware of the guideline value to ensure compliance with registration requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs in the transaction process. This ensures that the registration reflects the accurate value of the property in accordance with government regulations.

Frequently asked questions

What is the current guideline value of SBI colony Ist street?

The current guideline value of SBI colony Ist street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, and then increased to Rs 2,500 per sq.ft in 2023. The latest revision in 2024 set it at Rs 2,750 per sq.ft.

What is the land classification for SBI colony Ist street?

SBI colony Ist street is classified as Residential Class I Type - II, which indicates its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for SBI colony Ist street located?

The Sub Registrar Office covering SBI colony Ist street is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.