Guideline Value for State Bank Colony 3rd Street

State Bank Colony 3rd Street guideline value

The current guideline value of State Bank Colony 3rd Street is Rs 4,430 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO, and it falls under the Residential Special Type - IV land classification.

How the guideline value of State Bank Colony 3rd Street has changed

The guideline value for State Bank Colony 3rd Street has undergone several revisions over the years. The register does not provide figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 4,020 per sq.ft, which increased to Rs 4,430 per sq.ft in the 2024 revision, marking a change of +10%.

From the 2023 to 2024 revision, the guideline value increased from Rs 4,020 to Rs 4,430 per sq.ft. This increase reflects the current valuation trends in the area, positioning the street above the median value of Rs 1,650 per sq.ft for Chitlapakkam.

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 as of the 2024 revision. The median guideline value for the village is Rs 1,650 per sq.ft, which indicates that State Bank Colony 3rd Street's value is significantly above this median.

• State Bank Colony 2nd Street: Rs 2,750 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,430 per sq.ft, the total guideline value amounts to Rs 44,30,000. The stamp duty at 7% would be Rs 3,10,100, and the registration fee at 2% would be Rs 88,600, bringing the total cost to Rs 3,98,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers State Bank Colony 3rd Street?

The Sub Registrar Office that covers State Bank Colony 3rd 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 details.

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

The guideline value is a crucial factor when registering a property in Chitlapakkam. It serves as a benchmark for determining the minimum price at which a property can be sold or purchased, ensuring that the transaction is recorded accurately in the official registry.

When you buy or sell property in this area, the guideline value will influence the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures that the government collects appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of State Bank Colony 3rd Street?

The current guideline value of State Bank Colony 3rd Street is Rs 4,430 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen an increase from Rs 4,020 per sq.ft in 2023 to Rs 4,430 per sq.ft in 2024, which is a change of +10%. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for State Bank Colony 3rd Street?

The land classification for State Bank Colony 3rd Street is Residential Special Type - IV. This classification affects the guideline value and property usage in the area.

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

The Sub Registrar Office covering State Bank Colony 3rd Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 3,98,700.