Guideline Value for State Bank Colony

State Bank Colony guideline value

The current guideline value of State Bank Colony, located in Hastinapuram village under the Pallavaram SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - II.

How the guideline value of State Bank Colony has changed

The guideline value for State Bank Colony has undergone several revisions over the years. In 2007, the guideline value was Rs 525 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 567%. However, in 2017, the value decreased to Rs 2,345 per sq.ft, reflecting a decline of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, followed by a further increase to Rs 3,850 per sq.ft in 2024, which is a 10% rise from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 633%. The changes between the revisions indicate fluctuations in the guideline value, with the most significant increase occurring between 2007 and 2012, followed by a notable decrease in 2017.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft, with a median value of Rs 2,970 per sq.ft. The guideline value of State Bank Colony is above this median.

• Station Border Road: Rs 2,970 per sq.ft (2024)
• Subramani Street: Rs 1,650 per sq.ft (2024)
• Sudamani Street: Rs 1,650 per sq.ft (2024)
• Sundarthamman Colony: Rs 3,300 per sq.ft (2024)
• Sriram Nagar: Rs 3,300 per sq.ft (2024)
• Srinivasan Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in State Bank Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, these charges would total Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers State Bank Colony?

The Sub Registrar Office that covers State Bank Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when buying or selling property in Hastinapuram. It is used to determine the stamp duty and registration fees that are applicable during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements and to accurately calculate the costs involved in the transaction.

When a property is registered, the guideline value serves as a benchmark for the financial transaction. It helps in assessing the fair value of the property, ensuring that the registration reflects the true worth of the asset being transferred.

Frequently asked questions

What is the current guideline value of State Bank Colony?

The current guideline value of State Bank Colony is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed significantly, with the most notable increase occurring from Rs 525 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 633%.

What is the land classification for State Bank Colony?

The land classification for State Bank Colony is Mixed Type - II, which indicates the type of development and usage permitted in the area.

What are the stamp duty and registration fees for buying property in State Bank Colony?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registration for State Bank Colony?

The Pallavaram Sub Registrar Office handles property registration for State Bank Colony, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.