Guideline Value for State Bank Colony 1st Street

State Bank Colony 1st Street guideline value

The current guideline value of State Bank Colony 1st Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of State Bank Colony 1st Street has changed

Over the years, the guideline value for State Bank Colony 1st Street has seen several revisions. The earliest recorded revision was in 2007, with a guideline value of Rs 450 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2012, but then decreased to Rs 804 per sq.ft in 2017. Following this, the value rose sharply to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%. The value saw a decrease of 33% from 2012 to 2017, while there was a significant rise of 167% from 2007 to 2012. Overall, from 2007 to 2024, the guideline value has increased by 189%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making the 2024 figure for State Bank Colony 1st Street below this median.

• State Bank Colony 2nd Street: Rs 1,300 per sq.ft (2024)
• Sundar Avenue: Rs 950 per sq.ft (2024)
• Sri Ram Nagar: Rs 2,400 per sq.ft (2024)
• Thangammal Avenue: Rs 3,300 per sq.ft (2024)
• Tharangeswari Nagar: Rs 3,300 per sq.ft (2024)
• Tharangeswari Nagar 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in State Bank Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers State Bank Colony 1st Street?

The Sub Registrar Office that covers State Bank Colony 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an important factor when registering property in Chembakkam. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable during the transaction.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value. This helps in maintaining transparency in property dealings and ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of State Bank Colony 1st Street?

The current guideline value of State Bank Colony 1st Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 189% over the years.

What is the land classification for State Bank Colony 1st Street?

The land classification for State Bank Colony 1st Street is Residential Class III Type - I.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Chembakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 13,00,000, the stamp duty at 7% would be Rs 91,000.