Guideline Value for State Bank Colony 2nd Street

State Bank Colony 2nd Street guideline value

The current guideline value of State Bank Colony 2nd Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village under the Selaiyur SRO, classified as Residential Class III Type - I.

How the guideline value of State Bank Colony 2nd Street has changed

The guideline value for State Bank Colony 2nd Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the latest revision in 2024 raised it further to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. The overall change from the 2012 revision to the 2024 revision shows an increase of 8%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register 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 for these streets is Rs 2,200 per sq.ft, placing State Bank Colony 2nd Street's 2024 figure below this median.

• State Bank Colony 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, leading to a total of Rs 1,17,000. 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 2nd Street?

The Sub Registrar Office that covers State Bank Colony 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the property registration process in Chembakkam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration reflects a fair value of the property being transacted.

Frequently asked questions

What is the current guideline value of State Bank Colony 2nd Street?

The current guideline value of State Bank Colony 2nd 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 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of State Bank Colony 2nd Street?

State Bank Colony 2nd Street is classified as Residential Class III Type - I.

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

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft property, the total fees would amount to Rs 1,17,000.

Where is the Selaiyur Sub Registrar Office located?

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