Guideline Value for SYNDICATE BANK STAFF COLONY

Syndicate Bank Staff Colony guideline value

The current guideline value of Syndicate Bank Staff Colony is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kovilambakkam village under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Syndicate Bank Staff Colony has changed

The guideline value for Syndicate Bank Staff Colony has undergone several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 500 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, followed by a decrease to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 2,750 per sq.ft. Notably, there are no recorded figures for the years 2002 and 2003 for this street.

Between the revisions, the changes reflect a significant increase overall. From 2007 to 2012, there was a remarkable increase of 400%. However, the value then decreased by 33% from 2012 to 2017. The subsequent revisions saw a 49% increase from 2017 to 2023, followed by a 10% rise from 2023 to 2024, culminating in an overall increase of 450% from 2007 to 2024.

Guideline values in Kovilambakkam

In Kovilambakkam, there are 61 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is the same as the current guideline value for Syndicate Bank Staff Colony.

• Tamilkudimagan Nagar: Rs 2,750 per sq.ft (2024)
• Suseela Nagar: Rs 2,750 per sq.ft (2024)
• Subiksha Avenue: Rs 2,750 per sq.ft (2024)
• Subikisha Avenue 1 & 2 Main Road: Rs 2,750 per sq.ft (2024)
• Thiruchudar: Rs 4,070 per sq.ft (2024)
• Thiru Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Syndicate Bank Staff Colony

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 to Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Syndicate Bank Staff Colony?

The Sub Registrar Office that covers Syndicate Bank Staff Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kovilambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction reflects the value of the property.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of property ownership. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the transaction.

Frequently asked questions

What is the current guideline value of Syndicate Bank Staff Colony?

The current guideline value of Syndicate Bank Staff Colony 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 seen several revisions, increasing from Rs 500 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, with notable changes in between.

What is the land classification for Syndicate Bank Staff Colony?

Syndicate Bank Staff Colony is classified as Residential Class I Type - I, indicating its designation for residential use.

Where is the Sub Registrar Office located for this area?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at the rate of 7%.