Guideline Value for CORPORATION COLONY 2ND STREET

Corporation Colony 2nd Street guideline value

The current guideline value for Corporation Colony 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Class III Type - III.

How the guideline value of Corporation Colony 2nd Street has changed

The guideline value for Corporation Colony 2nd Street has seen several revisions over the years. In 2002, the value was Rs 1,021 per sq.ft. This increased to Rs 1,134 per sq.ft in 2003, marking an increase of 11%. Following this, the value rose significantly to Rs 1,500 per sq.ft in 2007, which was a 32% increase. In 2012, the value reached Rs 4,000 per sq.ft, reflecting a substantial increase of 167%. However, in 2017, the value dropped to Rs 2,680 per sq.ft, a decrease of 33%. The value then increased to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024, marking a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 331%. There are no figures available for the years not mentioned in the revisions.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO, with guideline values ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median guideline value for these streets is Rs 11,000 per sq.ft, placing Corporation Colony 2nd Street's 2024 figure below that median.

• Corporation Colony 3rd Street: Rs 4,400 per sq.ft (2024)
• Corporation Colony 4th Street: Rs 4,400 per sq.ft (2024)
• Corporation Colony Ist Street: Rs 4,400 per sq.ft (2024)
• Corporation Colony New Street: Rs 4,400 per sq.ft (2024)
• Corporation Colony V Lane: Rs 4,400 per sq.ft (2024)
• Corporation Colony West Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Corporation Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees together to Rs 3,96,000. It is important to note that 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 details.

Which Sub Registrar Office covers Corporation Colony 2nd Street?

The Sub Registrar Office that covers Corporation Colony 2nd Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Tnagar. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. The fees are calculated based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

When buyers and sellers engage in a property transaction, they must refer to the guideline value to understand the financial implications of the sale. This value is regularly updated and reflects the prevailing market conditions in the area, helping both parties to make informed decisions during the registration process.

Frequently asked questions

What is the current guideline value for Corporation Colony 2nd Street?

The current guideline value for Corporation Colony 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,021 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 331% over the years.

What is the stamp duty for property in Corporation Colony 2nd Street?

The stamp duty for property in Corporation Colony 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Corporation Colony 2nd Street located?

The Sub Registrar Office for Corporation Colony 2nd Street is located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

How is the guideline value determined for properties in Tnagar?

The guideline value for properties in Tnagar is determined based on various factors and is regularly updated to reflect current market conditions. It is used as a basis for calculating stamp duty and registration fees during property transactions.