Guideline Value for State Bank Street

State Bank Street guideline value

The current guideline value of State Bank Street is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the Triplicane SRO, and is classified as Commercial Class I Type - I.

How the guideline value of State Bank Street has changed

The guideline value for State Bank Street has seen significant changes over the years. In the 2002 revision, the value was Rs 1,691 per sq.ft. This increased to Rs 1,855 per sq.ft in 2003, marking a 10% rise. The value continued to grow, reaching Rs 2,760 per sq.ft in 2007, which was a substantial increase of 49% from the previous year. The 2012 revision recorded a value of Rs 12,000 per sq.ft, reflecting a decrease of 33% from the 2007 figure.

In the 2017 revision, the guideline value rose to Rs 8,040 per sq.ft, showing a significant increase of 49% from the 2012 revision. The value further increased to Rs 12,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 13,200 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 681%.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median value for these streets is Rs 6,600 per sq.ft, making the current guideline value for State Bank Street notably higher than the median.

• Subadral Lane: Rs 6,600 per sq.ft (2024)
• Subadral St: Rs 6,600 per sq.ft (2024)
• Subbaraya Chetty Street: Rs 6,600 per sq.ft (2024)
• Subbaraya Mudali Street: Rs 6,600 per sq.ft (2024)
• Subbarayan Street: Rs 6,600 per sq.ft (2024)
• Subedar Hussain Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in State Bank Street

For a 1,000 sq.ft plot at the current rate of Rs 13,200 per sq.ft, the guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, while the registration fee at 2% would be Rs 2,64,000, making the total Rs 11,88,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers State Bank Street?

The Sub Registrar Office that covers State Bank Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Triplicane. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is sold, the guideline value is used to assess the taxes due, ensuring that the fees are calculated fairly based on the current market standards. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of State Bank Street?

The current guideline value of State Bank Street is Rs 13,200 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 1,691 per sq.ft in 2002 to Rs 13,200 per sq.ft in 2024, reflecting an overall increase of 681% over the years.

What is the median guideline value for streets in Triplicane?

The median guideline value for streets in Triplicane is Rs 6,600 per sq.ft, which is lower than the current value of State Bank Street.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 1,32,00,000, the total fees would amount to Rs 11,88,000.

Which office handles property registration for State Bank Street?

The Triplicane Sub Registrar Office handles property registration for State Bank Street, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014.