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 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 3rd Street has changed

The guideline value for State Bank Colony 3rd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 500 per sq.ft, which increased to Rs 800 per sq.ft in 2003, marking a 60% rise. The value continued to increase to Rs 1,250 per sq.ft in 2007, reflecting a 56% change. However, from 2007 to 2012, the value decreased to Rs 4,500 per sq.ft, which is a significant drop of 33%.

In 2017, the guideline value rose to Rs 3,015 per sq.ft, representing a 49% increase. The most recent revisions show that in 2023, the value was Rs 4,500 per sq.ft, which then increased to Rs 5,000 per sq.ft in 2024, an 11% rise. The register has no figure for the years not mentioned in this timeline.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO, with guideline values ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,900 per sq.ft, placing State Bank Colony 3rd Street's 2024 figure above this median.

• State Bank Colony 4th Street: Rs 5,000 per sq.ft (2024)
• State Bank Colony 2nd Street: Rs 5,000 per sq.ft (2024)
• State Bank Colony 5th Street: Rs 5,000 per sq.ft (2024)
• State Bank Colony 1st 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 3rd 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, while the registration fee at 2% would be Rs 1,00,000, bringing the total charges 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 our stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers State Bank Colony 3rd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

When buying or selling property in Adambakkam, the guideline value is a crucial factor in determining the registration fees. The guideline value serves as a benchmark for calculating the stamp duty and registration fees, ensuring that both parties are aware of the financial implications involved in the transaction.

It is essential for buyers and sellers to be informed about the current guideline value, as it directly affects the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during the property registration process.

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 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 500 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, reflecting various increases and decreases over the years.

What is the registration office for State Bank Colony 3rd Street?

The registration office for State Bank Colony 3rd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for property in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 5,000 per sq.ft, the stamp duty would be Rs 3,50,000.

Where can I find more information about guideline values in Adambakkam?

More information about guideline values in Adambakkam can be found through the registration department's guideline value register or by visiting the Alandur Sub Registrar Office.