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 Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

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. In 2002, the value was Rs 493 per sq.ft, which increased to Rs 546 per sq.ft in 2003. Following this, there was a substantial rise to Rs 1,700 per sq.ft in 2007, and then it further increased to Rs 5,000 per sq.ft in 2012. However, there was a decrease to Rs 3,350 per sq.ft in 2017. The value then rose significantly to Rs 5,000 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 5,500 per sq.ft.

Overall, the changes between the revisions show an increase of 1016% from 2002 to 2024. Specifically, the change from 2023 to 2024 is an increase of 10%, while from 2017 to 2023, the increase was 49%. The revisions from 2012 to 2017 saw a decrease of 33%, while there were significant increases of 194% from 2007 to 2012 and 211% from 2003 to 2007.

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, placing the 2024 figure for State Bank Colony 2nd Street above the median.

• State Bank Colony 3rd Street: Rs 5,500 per sq.ft (2024)
• State Bank Colony 1st 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 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 would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

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

The Sub Registrar Office covering State Bank Colony 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

When buying or selling property in Virugambakkam, the guideline value plays a crucial role in determining the registration fees. The guideline value is used to calculate the stamp duty and registration fees, which are mandatory during the registration process.

It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price. This ensures that the registration fees are based on a fair valuation of the property being transacted.

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 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 this period.

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

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

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

The Sub Registrar Office for State Bank Colony 2nd Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.