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 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO, classified as Residential Class I Type - II.

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. The oldest recorded revision is from 2012, where the guideline value was Rs 2,500 per sq.ft. In 2017, it decreased to Rs 1,675 per sq.ft, reflecting a decline of 33%. The value then increased significantly to Rs 2,500 per sq.ft in 2023, and further rose to Rs 2,750 per sq.ft in 2024, marking a 10% increase from the previous year. The register does not have figures for the years 2002, 2003, and 2007.

From 2012 to 2024, the overall change in guideline value is an increase of 10%. The most notable change was between 2017 and 2023, where the value rose by 49% to reach Rs 2,500 per sq.ft. The current guideline value reflects the latest revision and is indicative of the street's position within the local real estate landscape.

Guideline values in Chitlapakkam

Chitlapakkam has a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this village is Rs 1,650 per sq.ft, placing State Bank Colony 2nd Street above this median at Rs 2,750 per sq.ft.

• State Bank Colony 3rd Street: Rs 4,430 per sq.ft (2024)
• State Bank Colony Ist Street: Rs 2,750 per sq.ft (2024)
• Station Border Road: Rs 1,650 per sq.ft (2024)
• Station Road: Rs 3,850 per sq.ft (2024)
• Subash Street: Rs 1,650 per sq.ft (2024)
• Sudha Avenue: Rs 1,650 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 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 cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers State Bank Colony 2nd Street?

The Sub Registrar Office that covers State Bank Colony 2nd Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Chitlapakkam

The guideline value plays a crucial role in property transactions in Chitlapakkam. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, 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 government receives the appropriate revenue from property transactions in the area.

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 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

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

The land classification for State Bank Colony 2nd Street is Residential Class I Type - II.

How does the guideline value compare to other streets in Chitlapakkam?

The guideline value of Rs 2,750 per sq.ft for State Bank Colony 2nd Street is above the median value of Rs 1,650 per sq.ft for the 548 streets in Chitlapakkam under the Tambaram Joint 1 SRO.

Where is the Sub Registrar Office for State Bank Colony 2nd Street located?

The Sub Registrar Office for State Bank Colony 2nd Street is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.