Guideline Value for CORRAN SMITH NAGAR

Corran Smith Nagar guideline value

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

How the guideline value of Corran Smith Nagar has changed

The guideline value of Corran Smith Nagar 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, marking a substantial rise of 285%. However, from 2012 to 2017, the value decreased by 33% to Rs 1,675 per sq.ft. The value then increased again to Rs 2,500 per sq.ft in 2023, followed by a further increase to Rs 2,700 per sq.ft in the 2024 revision, representing an 8% rise.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 315%, reflecting the changes in valuation 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 guideline value for these streets is Rs 5,500 per sq.ft, placing the 2024 figure for Corran Smith Nagar below this median.

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

Stamp duty and registration fee for property in Corran Smith Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be 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 charges to Rs 2,43,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Corran Smith Nagar?

The Sub Registrar Office that covers Corran Smith Nagar is 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 plays a crucial role when buying or selling property in Purasaivakkam. It is the minimum value set by the government for property transactions, ensuring that the sale price does not fall below this threshold. This value is used to calculate stamp duty and registration fees during the property registration process.

When a property is sold, the guideline value helps in determining the applicable taxes and fees. Buyers and sellers must be aware of this value to ensure compliance with legal requirements and to avoid any discrepancies during the registration of the property.

Frequently asked questions

What is the current guideline value of Corran Smith Nagar?

The current guideline value of Corran Smith Nagar 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 an overall increase of 315% over the years.

What is the land classification for Corran Smith Nagar?

The land classification for Corran Smith Nagar is Residential Class V Type - III.

Where is the Purasaivakkam Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Corran Smith Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000.