Guideline Value for CORPORATION COLONY NEW STREET

Corporation Colony New Street guideline value

The current guideline value of Corporation Colony New 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 New Street has changed

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

Overall, from 2002 to 2024, the guideline value has increased by 331%. It is important to note that the register has no figure for the years not mentioned for this street.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 27,500 per sq.ft, with a median value of Rs 11,000 per sq.ft. The guideline value for Corporation Colony New Street is below this median.

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

Stamp duty and registration fee for property in Corporation Colony New Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the 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, totaling 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. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Corporation Colony New Street?

The Sub Registrar Office that covers Corporation Colony New 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 of property transactions in Tnagar. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to consider the guideline value as it influences the overall cost of the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on this value or the sale price, whichever is higher, impacting the total expenses involved in the property transaction.

Frequently asked questions

What is the current guideline value of Corporation Colony New Street?

The current guideline value of Corporation Colony New 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.

Where is the Thiyagaraya nagar Sub Registrar Office located?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

What are the stamp duty and registration fees for a property in Corporation Colony New Street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

What is the land classification of Corporation Colony New Street?

Corporation Colony New Street is classified as Residential Class III Type - III.