Guideline Value for State Bank Colony 1st Street

State Bank Colony 1st Street guideline value

The current guideline value for State Bank Colony 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Special Type - III.

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

In the 2007 revision, the guideline value was Rs 850 per sq.ft. This figure saw a significant increase in the 2012 revision, where it rose to Rs 5,000 per sq.ft, marking an increase of 488%. However, in the 2017 revision, the value decreased to Rs 3,350 per sq.ft, which was a decline of 33%. The 2023 revision saw the guideline value increase again to Rs 5,000 per sq.ft, followed by a further increase to Rs 5,500 per sq.ft in the 2024 revision, which is a 10% rise.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 547%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing State Bank Colony 1st Street's 2024 figure above this median.

• State Bank Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• State Bank Colony 3rd Street: Rs 5,500 per sq.ft (2024)
• S.S.R.Pankajam Street: Rs 6,050 per sq.ft (2024)
• Telephone Colony Extension: Rs 4,400 per sq.ft (2024)
• Thangal Karai Street: Rs 3,300 per sq.ft (2024)
• Thilagar 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 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Saligramam. It serves as the basis for calculating the stamp duty and registration fees, which are necessary for legal ownership transfer.

When buyers or sellers engage in property transactions, the guideline value helps ensure that the transaction is recorded accurately in the official register. This value is essential for determining the financial obligations associated with the property transfer.

Frequently asked questions

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

The current guideline value for State Bank Colony 1st Street is Rs 5,500 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 850 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 547% over this period.

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

For a property with a guideline value of Rs 5,500 per sq.ft, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000 for a 1,000 sq.ft plot, totaling Rs 4,95,000.

Which office handles property registrations in Saligramam?

The Virugambakkam Sub Registrar Office handles property registrations for State Bank Colony 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the financial obligations are calculated based on the official value of the property.