Guideline Value for CORRAN SMITH 1ST STREET

Corran Smith 1st Street guideline value

The current guideline value of Corran Smith 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO. The land classification for this area is Residential Class V Type - III.

How the guideline value of Corran Smith 1st Street has changed

The guideline value for Corran Smith 1st Street has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 650 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a 285% rise. However, it then decreased to Rs 1,675 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,700 per sq.ft from the 2024 revision, reflecting an 8% increase from the previous year.

There are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 315%.

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. The median guideline value for these streets is Rs 5,500 per sq.ft, indicating that the 2024 figure for Corran Smith 1st Street is below this median.

• 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)
• Corporation Quarters (Hut): Rs 2,200 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 Corran Smith 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Corran Smith 1st Street?

The Sub Registrar Office that covers Corran Smith 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Purasaivakkam. It determines the minimum value at which property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Corran Smith 1st Street?

The current guideline value of Corran Smith 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 650 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting various increases and a decrease in between. The most significant increase was from 2012 to 2017, where it dropped by 33% before rising again in subsequent years.

What is the land classification for Corran Smith 1st Street?

The land classification for Corran Smith 1st Street is Residential Class V Type - III, indicating its designated use for residential purposes.

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

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, and the registration fee would be Rs 54,000, totaling Rs 2,43,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for this street?

The Sub Registrar Office for Corran Smith 1st Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. This office handles the registration of property transactions in the area.