Guideline Value for CORPORATION ROAD

Corporation Road guideline value

The current guideline value of Corporation Road in Seevaram village, under the Neelankarai SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of Corporation Road has changed

The guideline value for Corporation Road has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 154 per sq.ft. This figure increased significantly to Rs 450 per sq.ft in 2003, marking a rise of 192%. The 2007 revision saw a substantial increase to Rs 1,250 per sq.ft, reflecting a growth of 178%. In 2012, the value was revised to Rs 4,000 per sq.ft, which was a decrease of 33% from the previous figure. The guideline value remained at Rs 4,000 per sq.ft until the 2017 revision, which brought it up to Rs 2,680 per sq.ft, a rise of 49% from 2012.

In 2023, the guideline value was set at Rs 4,000 per sq.ft, and it increased to Rs 4,400 per sq.ft in the 2024 revision, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 2,757%.

Guideline values in Seevaram

In Seevaram village, there are 84 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,300 per sq.ft. The median value for these streets is Rs 2,800 per sq.ft, placing Corporation Road's 2024 figure above this median.

• Bethal Nagar: Rs 3,300 per sq.ft (2024)
• Ganapathi Nagar: Rs 2,800 per sq.ft (2024)
• Industrial Estate: Rs 6,400 per sq.ft (2024)
• Janakiraman Street: Rs 3,300 per sq.ft (2024)
• Karseem Salai: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Corporation Road

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 amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration fee would be Rs 3,96,000. Duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Corporation Road?

The Sub Registrar Office covering Corporation Road is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Seevaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two amounts is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Corporation Road?

The current guideline value of Corporation Road 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 significantly from Rs 154 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 2,757%.

What is the land classification for Corporation Road?

The land classification for Corporation Road is Residential Special Type - III.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Corporation Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 3,08,000.