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 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 3rd Street has changed

The guideline value for State Bank Colony 3rd Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 493 per sq.ft. This increased to Rs 546 per sq.ft in 2003, marking an 11% rise. The value then saw significant growth, reaching Rs 1,700 per sq.ft in 2007, which was an increase of 211%. Following this, the 2012 revision set the value at Rs 5,000 per sq.ft, reflecting a 194% increase from the previous figure. However, the value dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%.

In 2023, the guideline value was revised to Rs 5,000 per sq.ft, and then it increased to Rs 5,500 per sq.ft in 2024, which is a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1016%. There are no other revisions recorded for this street in the register.

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 State Bank Colony 3rd Street above this median.

• State Bank Colony 4th Street: Rs 5,500 per sq.ft (2024)
• State Bank Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• State Bank Colony 1st 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 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 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, totaling 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 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 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 Virugambakkam

The guideline value is a critical factor in the registration process of property transactions in Virugambakkam. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory for any property transfer. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When buying or selling property, it is essential to understand that the guideline value can influence the overall cost of the transaction. It is advisable for both parties to verify 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 493 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, representing an overall increase of 1016% 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 Class II Type - I.

Where can I find the Virugambakkam Sub Registrar Office?

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

How is stamp duty calculated for property in State Bank Colony 3rd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at the guideline value of Rs 5,500 per sq.ft would incur a stamp duty of Rs 3,85,000.