Guideline Value for State Bank Colony

State Bank Colony guideline value

The current guideline value for State Bank Colony is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of State Bank Colony has changed

The guideline value for State Bank Colony has seen several revisions over the years. In 2002, the guideline value was Rs 368 per sq.ft, which increased to Rs 453 per sq.ft in 2003. Following this, there was a notable rise to Rs 600 per sq.ft in 2007, and a significant jump to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017. The value then rose again to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024.

The changes between these revisions are noteworthy. From 2002 to 2003, the increase was +23%, followed by a +32% rise from 2003 to 2007. The jump from 2007 to 2012 was +400%, but then there was a decline of -33% from 2012 to 2017. The value surged by +49% from 2017 to 2023, and the latest revision from 2023 to 2024 reflects an increase of +10%. Overall, from 2002 to 2024, the guideline value has increased by +797%.

Guideline values in Tambaram

In Tambaram village, there are 360 streets under the Tambaram Joint 1 SRO, with the 2024 guideline values ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the guideline value for State Bank Colony.

• Subash Nagar: Rs 3,300 per sq.ft (2024)
• Subbiah Nagar: Rs 2,200 per sq.ft (2024)
• Sri Sakthi nagar: Rs 2,200 per sq.ft (2024)
• Suthanthrapuram: Rs 1,650 per sq.ft (2024)
• Sri Sai Nagar Extension Vishwak Garden: Rs 3,800 per sq.ft (2024)
• Sri Sai Nagar Ext: Rs 2,200 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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?

The Sub Registrar Office that covers State Bank Colony 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 Tambaram

The guideline value is a crucial factor during the registration process of property transactions in Tambaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring compliance with legal requirements.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for State Bank Colony?

The current guideline value for State Bank Colony is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 368 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of +797% over the years.

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

For a 1,000 sq.ft plot at the guideline value of Rs 3,300 per sq.ft, the total guideline value is Rs 33,00,000. The stamp duty is Rs 2,31,000, and the registration fee is Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers State Bank Colony?

The Tambaram Joint 1 Sub Registrar Office covers State Bank Colony, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification for State Bank Colony?

The land classification for State Bank Colony is Residential Class I Type - I, indicating its designation for residential purposes.