Guideline Value for CORRAN SMITH 2ND STREET

Corran Smith 2nd Street guideline value

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

How the guideline value of Corran Smith 2nd Street has changed

The guideline value for Corran Smith 2nd Street has seen several revisions over the years. In 2007, the value was Rs 650 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it then decreased to Rs 1,675 per sq.ft in 2017. The value rose again to Rs 2,500 per sq.ft in 2023 before reaching the current value of Rs 2,700 per sq.ft in 2024, marking an 8% increase from the previous year. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, there was a substantial increase of 49%. The period from 2012 to 2017 saw a decrease of 33%, while the jump from 2007 to 2012 was a remarkable 285%. 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 value for these streets is Rs 5,500 per sq.ft, placing Corran Smith 2nd Street's 2024 figure below that median.

• Corran Smith 1st 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)
• Corporation Quarters (Hut): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Corran Smith 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total 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, totaling Rs 2,43,000. It is important to note that the 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 Corran Smith 2nd Street?

The Sub Registrar Office that covers Corran Smith 2nd 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 in the registration process of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential to consider this value during negotiations, as it influences the financial aspects of the transaction, including taxes and fees.

Frequently asked questions

What is the current guideline value of Corran Smith 2nd Street?

The current guideline value of Corran Smith 2nd 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, showing an overall increase of 315% over this period.

What is the land classification for Corran Smith 2nd Street?

The land classification for Corran Smith 2nd Street is Residential Class V Type - III.

Which Sub Registrar Office is responsible for Corran Smith 2nd Street?

The Purasaivakkam Sub Registrar Office is responsible for Corran Smith 2nd Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Corran Smith 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total stamp duty and registration fee of Rs 2,43,000.