Guideline Value for State Bank Colony

State Bank Colony guideline value

The current guideline value of State Bank Colony, located in Sembiam village under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

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 the 2002 revision, the value was Rs 529 per sq.ft, which increased to Rs 574 per sq.ft in 2003. Following this, the value rose significantly to Rs 900 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, it dropped to Rs 1,675 per sq.ft in 2017. The 2023 revision saw an increase to Rs 2,500 per sq.ft, and the most recent revision in 2024 has set the guideline value at Rs 2,700 per sq.ft.

In terms of percentage changes, from 2002 to 2024, there has been an overall increase of 410%. The change from 2017 to 2023 was +49%, while the 2012 to 2017 period saw a decrease of -33%. The value increased by +178% from 2007 to 2012, and from 2003 to 2007, it rose by +57%. The change from 2002 to 2003 was +9%, and the most recent change from 2023 to 2024 is +8%.

Guideline values in Sembiam

In Sembiam village, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, which is the same as the guideline value for State Bank Colony.

• St. Mary's Road: Rs 2,700 per sq.ft (2024)
• Subramaniya Thottam: Rs 2,700 per sq.ft (2024)
• Sudukattu Street: Rs 2,700 per sq.ft (2024)
• Srinivasa Raghavan Street: Rs 2,700 per sq.ft (2024)
• Telephone Colony: Rs 2,700 per sq.ft (2024)
• Thanigachalam Mudali Street: Rs 2,700 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty is charged at 7%, amounting to Rs 1,89,000, and the registration fee is 2%, which is Rs 54,000. Together, the total cost for stamp duty and registration fee would be Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers State Bank Colony?

The Sub Registrar Office that covers State Bank Colony is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. For more information, you can find your SRO.

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

The guideline value is an essential factor when registering property in Sembiam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the property transaction process.

When buying or selling property, the guideline value is used to ensure that the transaction is recorded at a value that reflects the current market conditions as determined by the local authorities. This helps maintain transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of State Bank Colony?

The current guideline value of State Bank Colony is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, with the most recent revision in 2024 increasing it from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft.

What is the land classification for State Bank Colony?

State Bank Colony falls under the Residential Class I Type - I land classification.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in State Bank Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at 7%.