Guideline Value for CORPORATION COLONY 1ST MAIN ROAD

Corporation Colony 1st Main Road guideline value

The current guideline value of Corporation Colony 1st Main Road is Rs 7,700 per sq.ft, effective from 1 July 2024. This road is located in Puliyur village under the Kodambakkam SRO, and it falls under the Commercial Class I Type - III land classification.

How the guideline value of Corporation Colony 1st Main Road has changed

The guideline value for Corporation Colony 1st Main Road has seen several revisions over the years. In 2002, the value was Rs 1,115 per sq.ft. This increased to Rs 1,225 per sq.ft in 2003, marking a 10% rise. The value further increased to Rs 2,115 per sq.ft in 2007, which was a significant jump of 73%. In 2012, the guideline value was Rs 7,000 per sq.ft, reflecting a decrease of 33% from the previous revision. The value then increased to Rs 4,690 per sq.ft in 2017, showing a 49% increase. The latest revision in 2023 set the value at Rs 7,000 per sq.ft, before the current figure of Rs 7,700 per sq.ft was established in 2024, representing a 10% increase.

Guideline values in Puliyur

In Puliyur, there are 648 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 14,300 per sq.ft, with a median value of Rs 5,800 per sq.ft. The guideline value for Corporation Colony 1st Main Road is above this median, indicating a higher valuation compared to many other streets in the village.

• Corporation Colony 1st Street: Rs 7,100 per sq.ft (2024)
• Corporation Colony 2nd Street: Rs 7,100 per sq.ft (2024)
• Collectrate Colony Main Road: Rs 5,800 per sq.ft (2024)
• Collectrate Colony 6th Cross Street: Rs 5,800 per sq.ft (2024)
• Collectrate Colony 5th Cross Street: Rs 5,800 per sq.ft (2024)
• Collectrate Colony 4th Cross Street: Rs 5,800 per sq.ft (2024)

Stamp duty and registration fee for property in Corporation Colony 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total fees to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Corporation Colony 1st Main Road?

The Sub Registrar Office that covers Corporation Colony 1st Main Road is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions in Puliyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps to establish a fair price for both parties involved in the transaction. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Corporation Colony 1st Main Road?

The current guideline value of Corporation Colony 1st Main Road is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,115 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, showing an overall increase of 591% across the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000, and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which office handles property registrations for this area?

The Kodambakkam Sub Registrar Office handles property registrations for Corporation Colony 1st Main Road, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

What is the significance of the guideline value in property transactions?

The guideline value is used as a minimum benchmark for property registration, ensuring that appropriate stamp duty and registration fees are collected. It helps establish a fair price for both buyers and sellers during property transactions.