Guideline Value for Corporation Colony 1st Street

Corporation Colony 1st Street guideline value

The current guideline value of Corporation Colony 1st Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Corporation Colony 1st Street has changed

According to the guideline value register, there are no figures for Corporation Colony 1st Street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision recorded a guideline value of Rs 7,000 per sq.ft, which was subsequently revised to Rs 7,700 per sq.ft in 2024, marking a 10% increase.

The current figure of Rs 7,700 per sq.ft is the result of the 2024 revision, which is the most recent update. Prior to this, the 2023 revision was the last recorded figure for this street.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are a total of 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Corporation Colony 1st Street's 2024 figure below the median.

• Corporation Colony 2st Street: Rs 7,700 per sq.ft (2024)
• Co-Operative Colony: Rs 14,300 per sq.ft (2024)
• Conronsmith (Road) Salai: Rs 13,200 per sq.ft (2024)
• Damodaram Street: Rs 13,200 per sq.ft (2024)
• Chockalingam Nagar: Rs 14,300 per sq.ft (2024)
• Chockalingam Main Road: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Corporation Colony 1st Street

For a property with a size of 1,000 sq.ft at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, making the total charges Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Corporation Colony 1st Street?

The Sub Registrar Office covering Corporation Colony 1st Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is an essential factor in the registration process when buying or selling property in Mylapore Part 1. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the land records.

When a property is sold, the buyer and seller must adhere to the guideline value set by the authorities. This value plays a critical role in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Corporation Colony 1st Street?

The current guideline value of Corporation Colony 1st Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

There are no recorded figures for Corporation Colony 1st Street for the years 2002, 2003, 2007, 2012, and 2017. The guideline value was Rs 7,000 per sq.ft in 2023 and increased to Rs 7,700 per sq.ft in 2024.

What is the land classification of Corporation Colony 1st Street?

The land classification for Corporation Colony 1st Street is Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the registration office for this area?

The registration office for Corporation Colony 1st Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 77,00,000, the stamp duty at 7% would be Rs 5,39,000.