Guideline Value for State Bank Colony 2nd Street

State Bank Colony 2nd Street guideline value

The current guideline value for State Bank Colony 2nd Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class I 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 2002, the guideline value was Rs 500 per sq.ft. This increased to Rs 800 per sq.ft in 2003, marking a 60% rise. By 2007, the value saw a significant jump to Rs 1,250 per sq.ft, which was an increase of 56%. The value reached Rs 4,500 per sq.ft in 2012, reflecting a 260% rise from the previous revision. However, it decreased to Rs 3,015 per sq.ft in 2017, showing a decline of 33%. The next revision in 2023 raised the value to Rs 4,500 per sq.ft, which was a 49% increase. Currently, the guideline value stands at Rs 5,000 per sq.ft as of the 2024 revision, reflecting an 11% increase from the previous year.

Throughout these revisions, there were no figures recorded for the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 900%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, making the current guideline value of State Bank Colony 2nd Street above the median.

• State Bank Colony 1st Street: Rs 5,000 per sq.ft (2024)
• State Bank Colony 3rd Street: Rs 5,000 per sq.ft (2024)
• State Bank Colony 4th Street: Rs 5,000 per sq.ft (2024)
• State Bank Colony 5th Street: Rs 5,000 per sq.ft (2024)
• Sundara Murthy Street: Rs 3,900 per sq.ft (2024)
• Surendira Nagar 10th Street: Rs 5,000 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 5,000 per sq.ft, the total guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total cost for stamp duty and registration fees to Rs 4,50,000. 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 2nd Street?

The Sub Registrar Office that covers State Bank Colony 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees payable during the transaction. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring compliance with the local regulations.

When a property is sold, the guideline value helps to establish a fair price for registration purposes. It is essential for both parties to understand the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value for State Bank Colony 2nd Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 500 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, which is an overall increase of 900%.

What is the stamp duty rate for properties in State Bank Colony 2nd Street?

The stamp duty rate for properties in State Bank Colony 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for State Bank Colony 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the median guideline value in Adambakkam?

The median guideline value for streets in Adambakkam is Rs 3,900 per sq.ft, with State Bank Colony 2nd Street's current value being above this median.