Guideline Value for State Bank Colony 4th Street

State Bank Colony 4th Street guideline value

The current guideline value for State Bank Colony 4th 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 4th Street has changed

The guideline value for State Bank Colony 4th Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 493 per sq.ft. This increased to Rs 546 per sq.ft in 2003, marking an increase of 11%. The value saw significant growth in the following years, reaching Rs 1,700 per sq.ft in 2007, which is a rise of 211%. However, from 2007 to 2012, the value decreased to Rs 5,000 per sq.ft, reflecting a decline of 33%. The next revision in 2017 brought the value back up to Rs 3,350 per sq.ft, an increase of 49%.

In 2023, the guideline value was set at Rs 5,000 per sq.ft, and the most recent revision in 2024 has increased it to Rs 5,500 per sq.ft, representing a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1016%. There are no figures recorded for any other years for this street.

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, making the 2024 figure for State Bank Colony 4th Street higher than the median.

• State Bank Colony 3rd 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 4th Street

For a property measuring 1,000 sq.ft 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 4th Street?

The Sub Registrar Office that covers State Bank Colony 4th 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 crucial factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of State Bank Colony 4th Street?

The current guideline value of State Bank Colony 4th 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 significantly from Rs 493 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 1016% over this period.

What are the other streets in Virugambakkam with similar guideline values?

Other streets in Virugambakkam, such as State Bank Colony 1st, 2nd, and 3rd Streets, also have a guideline value of Rs 5,500 per sq.ft in 2024.

What fees are associated with buying property in State Bank Colony 4th Street?

When buying property in State Bank Colony 4th Street, the stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, a 1,000 sq.ft property would incur a total of Rs 4,95,000 in fees.

Where can I find the Sub Registrar Office for State Bank Colony 4th Street?

The Sub Registrar Office for State Bank Colony 4th Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.