Guideline Value for CORAL SHORES

Coral Shores guideline value

The current guideline value of Coral Shores in Enjambakkam village, under the Neelankarai SRO, is Rs 7,200 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - II.

How the guideline value of Coral Shores has changed

Over the years, the guideline value of Coral Shores has seen significant changes. The 2017 revision recorded a guideline value of Rs 5,000 per sq.ft, which increased to Rs 6,500 per sq.ft in the 2023 revision, marking a 30% increase. The latest revision in 2024 has further raised the value to Rs 7,200 per sq.ft, reflecting an 11% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 44%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Enjambakkam

In Enjambakkam, there are 253 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 7,200 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Coral Shores above this median.

• Classic Enclave & Avenue: Rs 2,800 per sq.ft (2024)
• CHOLAN NAGAR 4th STREET: Rs 2,200 per sq.ft (2024)
• CHOLAN NAGAR 3rd STREET: Rs 2,200 per sq.ft (2024)
• CHOLAN NAGAR 2nd STREET: Rs 2,200 per sq.ft (2024)
• CHOLAN NAGAR 1st STREET: Rs 2,200 per sq.ft (2024)
• Cholan Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Coral Shores

For a 1,000 sq.ft plot at the current guideline value of Rs 7,200 per sq.ft, the total guideline value amounts to Rs 72,00,000. The stamp duty at 7% would be Rs 5,04,000, and the registration fee at 2% would be Rs 1,44,000, bringing the total fees to Rs 6,48,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Coral Shores?

The Sub Registrar Office that covers Coral Shores is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Enjambakkam. It serves as a reference point for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the established guideline value or the sale price, whichever is higher.

When buying or selling property, understanding the guideline value helps in estimating the financial obligations involved in the transaction. It is advisable to consult the latest guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Coral Shores?

The current guideline value of Coral Shores is Rs 7,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 5,000 per sq.ft in 2017 to Rs 6,500 per sq.ft in 2023, and then to Rs 7,200 per sq.ft in 2024. This represents a total increase of 44% from 2017 to 2024.

What is the land classification of Coral Shores?

Coral Shores is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Coral Shores?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would amount to Rs 5,04,000.