Guideline Value for CORPORATION QUARTERS (HUT)

Corporation Quarters (Hut) guideline value

The current guideline value for Corporation Quarters (Hut) in Purasaivakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Purasaivakkam Sub Registrar Office (SRO) and is classified as Residential Class V Type - II.

How the guideline value of Corporation Quarters (Hut) has changed

The guideline value for Corporation Quarters (Hut) has seen several revisions over the years. In 2007, the guideline value was Rs 650 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking an increase of 208%. However, it then dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 2,000 per sq.ft in 2023, and the most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 238%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value for Corporation Quarters (Hut) is below this median.

• Corran Smith 1st Street: Rs 2,700 per sq.ft (2024)
• Corran Smith 2nd Street: Rs 2,700 per sq.ft (2024)
• Corran Smith 3rd Street: Rs 2,700 per sq.ft (2024)
• Corran Smith 4th Street: Rs 2,700 per sq.ft (2024)
• Corran Smith 5th Street: Rs 2,700 per sq.ft (2024)
• Corran Smith Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Corporation Quarters (Hut)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Corporation Quarters (Hut)?

The Corporation Quarters (Hut) area is covered by the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value for Corporation Quarters (Hut)?

The current guideline value for Corporation Quarters (Hut) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 650 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 238% from 2007 to 2024.

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

For a 1,000 sq.ft plot at the guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000, with stamp duty at Rs 1,54,000 and registration fee at Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Corporation Quarters (Hut)?

The Purasaivakkam Sub Registrar Office covers Corporation Quarters (Hut), located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Corporation Quarters (Hut)?

Corporation Quarters (Hut) is classified as Residential Class V Type - II according to the guideline value register.