Guideline Value for CORRAN SMITH 4TH STREET

Corran Smith 4th Street guideline value

The current guideline value of Corran Smith 4th Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village under the Purasaivakkam SRO, classified as Residential Class V Type - III.

How the guideline value of Corran Smith 4th Street has changed

The guideline value for Corran Smith 4th Street has undergone several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 650 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a substantial rise of 285%. However, the value decreased to Rs 1,675 per sq.ft in 2017, reflecting a reduction of 33%. The value then rose sharply to Rs 2,500 per sq.ft in 2023, and subsequently to Rs 2,700 per sq.ft in 2024, indicating an increase of 8% from the previous year.

It is important to note that 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%, showcasing significant fluctuations over the years.

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 4th Street's 2024 figure 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)
• Corran Smith Nagar Main Road: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Corran Smith 4th 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, bringing the total fees together 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 4th Street?

The Sub Registrar Office that covers Corran Smith 4th 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 plays a crucial role during the registration 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 transaction reflects a fair value for tax purposes.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, as these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Corran Smith 4th Street?

The current guideline value of Corran Smith 4th 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 significantly, starting from Rs 650 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, showcasing a total increase of 315% over the years.

What are the stamp duty rates for property in Corran Smith 4th Street?

The stamp duty rate for property transactions in Corran Smith 4th Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Corran Smith 4th Street?

The Sub Registrar Office for Corran Smith 4th Street is located at the Purasaivakkam Sub Registrar Office, 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Corran Smith 4th Street?

The land classification for Corran Smith 4th Street is Residential Class V Type - III, indicating its designated use for residential purposes.