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 Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

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

The guideline value for State Bank Colony 1st Street has undergone several revisions over the years. In 2002, the value was set at Rs 493 per sq.ft. This increased to Rs 546 per sq.ft in 2003, marking an increase of 11%. The value saw significant growth, reaching Rs 1,700 per sq.ft in 2007, which was a 211% increase from the previous revision. By 2012, the guideline value was Rs 5,000 per sq.ft, reflecting a substantial increase of 194% from 2007. However, from 2012 to 2017, the value decreased to Rs 3,350 per sq.ft, a decline of 33%.

In the subsequent revisions, the guideline value increased to Rs 5,000 per sq.ft in 2023, representing a 49% increase from 2017. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, which is a 10% increase from the previous year. There are no figures available for any other years for this street in the register.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, indicating that the 2024 figure for State Bank Colony 1st Street is 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)
• State Bank Colony 4th Street: Rs 5,500 per sq.ft (2024)
• SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29): Rs 4,950 per sq.ft (2024)
• SRI VENKATESH NAGAR - Nehru Street: Rs 4,950 per sq.ft (2024)
• SRI VENKATESH NAGAR - Munusamy Street: Rs 4,950 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 rate of Rs 5,500 per sq.ft, the guideline value would be Rs 55,00,000. The stamp duty would be calculated at 7%, amounting to Rs 3,85,000, while the registration fee would be 2%, totaling Rs 1,10,000. Therefore, the total fees would come to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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 details.

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

The guideline value is a crucial factor when registering property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies in the transaction.

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 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 493 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1016% over the years.

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

State Bank Colony 1st Street is classified as Residential Class II Type - I.

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

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Where is the Sub Registrar Office for State Bank Colony 1st Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.