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 5,500 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO, and it falls under the Residential Special Type - III 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. In 2002, the guideline value was Rs 495 per sq.ft. This increased to Rs 541 per sq.ft in 2003, marking a rise of 9%. The value saw a significant jump to Rs 850 per sq.ft in 2007, which was an increase of 57%. The 2012 revision set the value at Rs 5,000 per sq.ft, reflecting a substantial increase of 488%. However, in 2017, the value decreased to Rs 3,350 per sq.ft, a decline of 33%. The 2023 revision brought the value back up to Rs 5,000 per sq.ft, and the latest revision in 2024 has 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 has increased by 1011%. The register does not contain figures for any other years for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing State Bank Colony 3rd Street's 2024 figure above that median.

• State Bank Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• State Bank Colony 1st 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 3rd 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, making the total cost for these fees Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for additional information.

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

The guideline value is a crucial factor when registering property transactions in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees, which are necessary for formalizing the sale. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the 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 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 495 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 1011% over the years.

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

The land classification for State Bank Colony 3rd Street is Residential Special Type - III.

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

The Sub Registrar Office for State Bank Colony 3rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

The stamp duty is calculated as a percentage of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at 7%.