Guideline Value for STATE BANK COLONY

State Bank Colony guideline value

The current guideline value of State Bank Colony, located in Arumbakkam village under the Kodambakkam SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of State Bank Colony has changed

The guideline value for State Bank Colony has seen significant changes over the years. In the 2002 revision, the guideline value was Rs 633 per sq.ft. This increased to Rs 698 per sq.ft in 2003, marking a 10% increase. The value further rose to Rs 1,250 per sq.ft in 2007, reflecting a substantial 79% increase. By 2012, the value was Rs 6,000 per sq.ft, which was a remarkable increase of 380% from the previous revision. However, this figure decreased to Rs 4,020 per sq.ft in 2017, showing a decline of 33%. The guideline value then rose to Rs 6,000 per sq.ft in 2023, before reaching the current value of Rs 6,600 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 943%. The register has no figures for the years between the revisions mentioned above.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 6,000 per sq.ft, placing State Bank Colony's 2024 figure above this median.

• Sri Venkatesa Perumal Nagar: Rs 6,600 per sq.ft (2024)
• Sri Sakthi Nagar South Street: Rs 6,000 per sq.ft (2024)
• Sri Sakthi Nagar East Street: Rs 6,000 per sq.ft (2024)
• Sri Sakthi Nagar: Rs 6,000 per sq.ft (2024)
• Sri Ramakrishna Street: Rs 5,300 per sq.ft (2024)
• Thanpillai Thiru Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in State Bank Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000. Together, the total fees would be Rs 5,94,000. 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 State Bank Colony?

The Sub Registrar Office that covers State Bank Colony is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Arumbakkam. It serves as a benchmark for determining the minimum value of a property, which is used for calculating stamp duty and registration fees during the transaction process.

When you register a property, the guideline value ensures that the transaction is documented at a value that reflects the current market conditions. This helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of State Bank Colony?

The current guideline value of State Bank Colony is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 633 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, showing an overall increase of 943% over this period.

What are the stamp duty and registration fees for property in State Bank Colony?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office handles registrations for State Bank Colony?

The Kodambakkam Sub Registrar Office handles registrations for State Bank Colony, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

What is the land classification for State Bank Colony?

State Bank Colony is classified as Residential Special Type - I, indicating its designation for residential purposes within the area.