Guideline Value for STATE BANK COLONY 2nd STREET

STATE BANK COLONY 2nd STREET guideline value

The current guideline value of STATE BANK COLONY 2nd STREET is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and falls under the Residential Class I Type - II land classification.

How the guideline value of STATE BANK COLONY 2nd STREET has changed

The guideline value for STATE BANK COLONY 2nd STREET has undergone several revisions since 2003. In 2003, the guideline value was Rs 166 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2007. This was followed by a substantial jump to Rs 3,500 per sq.ft in 2012, but it then decreased to Rs 2,345 per sq.ft in 2017. The value then rose to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,900 per sq.ft as of the 2024 revision, reflecting an increase of 11% from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The period from 2012 to 2017 saw a decrease of 33%, while the jump from 2007 to 2012 was a remarkable 250%. The increase from 2003 to 2007 was even more pronounced at 502%. Overall, from 2003 to 2024, the guideline value has increased by 2249%. It is important to note that there is no figure available for this street in the 2002 revision.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, and STATE BANK COLONY 2nd STREET's 2024 figure is above this median.

• STATE BANK COLONY 1st STREET: Rs 3,900 per sq.ft (2024)
• Sri Vidhya Nagar: Rs 2,200 per sq.ft (2024)
• SUBRAMANIAM 1st STREET: Rs 4,400 per sq.ft (2024)
• Suburayan Nagar 1st Main Road: Rs 2,800 per sq.ft (2024)
• Suburayan Nagar 2nd Main Road: Rs 2,800 per sq.ft (2024)
• Suburayan Nagar 2nd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in STATE BANK COLONY 2nd STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making the total cost for these fees Rs 3,51,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers STATE BANK COLONY 2nd STREET?

The Sub Registrar Office that covers STATE BANK COLONY 2nd STREET is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Okkiyamthuraipakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This value serves as a benchmark for the government to assess property transactions and ensure that the appropriate taxes are collected.

When selling property, the guideline value also plays a significant role. It helps in establishing a fair basis for the sale price, ensuring that both parties are aware of the minimum value recognized by the government. This transparency helps in reducing disputes during the registration process.

Frequently asked questions

What is the current guideline value of STATE BANK COLONY 2nd STREET?

The current guideline value of STATE BANK COLONY 2nd STREET is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 166 per sq.ft in 2003 to Rs 3,900 per sq.ft in 2024, reflecting a significant increase of 2249% over this period.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value in Okkiyamthuraipakkam is Rs 3,300 per sq.ft, with STATE BANK COLONY 2nd STREET's value being above this median.

What are the stamp duty and registration fees for property in STATE BANK COLONY 2nd STREET?

For a 1,000 sq.ft plot, the total guideline value is Rs 39,00,000. The stamp duty is Rs 2,73,000, and the registration fee is Rs 78,000, totaling Rs 3,51,000.

Which office handles registrations for STATE BANK COLONY 2nd STREET?

The Neelankarai Sub Registrar Office handles registrations for STATE BANK COLONY 2nd STREET, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.