Guideline Value for CORPORATION COLONY 3RD STREET

Corporation Colony 3rd Street guideline value

The current guideline value of Corporation Colony 3rd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village and falls under the Thiyagaraya nagar SRO. The land classification for this area is Residential Class III Type - III.

How the guideline value of Corporation Colony 3rd Street has changed

The guideline value for Corporation Colony 3rd Street has seen several revisions over the years. In 2003, the guideline value was Rs 1,134 per sq.ft, which increased to Rs 1,500 per sq.ft in 2007. The value then rose significantly to Rs 4,000 per sq.ft in 2012, before dropping to Rs 2,680 per sq.ft in 2017. The 2023 revision set the value at Rs 4,000 per sq.ft, and the most recent revision in 2024 has increased it to Rs 4,400 per sq.ft, marking a 10% rise from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 288%. The register has no figure for the year 2002 for this street.

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 3rd Street's 2024 figure below that median.

• Corporation Colony 4th Street: Rs 4,400 per sq.ft (2024)
• Corporation Colony 2nd 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to 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, making the total Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Corporation Colony 3rd Street?

The Sub Registrar Office that covers Corporation Colony 3rd 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 of property transactions in Tnagar. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property transfer.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Corporation Colony 3rd Street?

The current guideline value of Corporation Colony 3rd 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 1,134 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 288% over this period.

What is the stamp duty for property in Corporation Colony 3rd Street?

The stamp duty for a property in Corporation Colony 3rd Street is 7% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 3,08,000.

Which office handles property registration for Corporation Colony 3rd Street?

The Thiyagaraya nagar Sub Registrar Office handles property registration for Corporation Colony 3rd Street, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

What is the land classification for Corporation Colony 3rd Street?

The land classification for Corporation Colony 3rd Street is Residential Class III Type - III, indicating its suitability for residential purposes.