Guideline Value for State Bank Colony Ist Street

State Bank Colony Ist Street guideline value

The current guideline value of State Bank Colony Ist Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - II.

How the guideline value of State Bank Colony Ist Street has changed

The guideline value for State Bank Colony Ist Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 1,675 per sq.ft. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 2,500 per sq.ft, and the most recent 2024 revision has further increased it to Rs 2,750 per sq.ft, marking a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 1,650 per sq.ft, placing the 2024 guideline value of State Bank Colony Ist Street above this median.

• State Bank Colony 3rd Street: Rs 4,430 per sq.ft (2024)
• State Bank Colony 2nd 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 Ist Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty, charged at 7%, would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total charges to Rs 2,47,500. 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 Ist Street?

The Sub Registrar Office that covers State Bank Colony Ist 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 information.

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

The guideline value is a crucial factor in property transactions in Chitlapakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

It is essential for buyers and sellers to be aware of the guideline value as it affects the overall costs involved in property transactions. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

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

The current guideline value of State Bank Colony Ist Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, a 10% increase. It was Rs 1,675 per sq.ft in 2017, which increased to Rs 2,500 per sq.ft in 2023, marking a 49% rise.

What are the other streets in Chitlapakkam with their guideline values?

Other streets in Chitlapakkam include State Bank Colony 3rd Street at Rs 4,430 per sq.ft, State Bank Colony 2nd Street at Rs 2,750 per sq.ft, and Station Road at Rs 3,850 per sq.ft, among others.

What are the fees for property registration in State Bank Colony Ist Street?

The total fees for registering a property in State Bank Colony Ist Street include a stamp duty of 7% and a registration fee of 2%. For example, for a 1,000 sq.ft plot, the total charges would be Rs 2,47,500.

Which office handles the registration for State Bank Colony Ist Street?

The Tambaram Joint 1 Sub Registrar Office handles the registration for State Bank Colony Ist Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.