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 5,500 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 2nd Street has changed

The guideline value for State Bank Colony 2nd Street has seen several revisions over the years. The earliest recorded value in the register is from 2002, where it was Rs 455 per sq.ft. This increased to Rs 497 per sq.ft in 2003, marking a 9% rise. The value then saw a significant increase to Rs 1,800 per sq.ft in 2007, which is a 262% increase from the previous year. Following this, the value rose to Rs 5,000 per sq.ft in 2012, reflecting a 178% increase. However, it dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33% from 2012. In 2023, the guideline value was revised to Rs 5,000 per sq.ft, and the most recent revision in 2024 set it at Rs 5,500 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value for State Bank Colony 2nd Street has increased by 1,109%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, and the guideline value for State Bank Colony 2nd Street is above this median.

• State Bank Colony 1st 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 2nd 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, resulting in a total of Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and 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 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 in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 455 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 1,109% over the years.

What are the stamp duty rates for property in State Bank Colony 2nd Street?

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

Where is the Sub Registrar Office located for this area?

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

What is the median guideline value for streets in Saligramam?

The median guideline value for streets in Saligramam is Rs 4,400 per sq.ft, with State Bank Colony 2nd Street's value being above this median at Rs 5,500 per sq.ft.