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 2 village and falls under the Chennai Central Joint I SRO with a land classification of Residential Class II Type - I.

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

The guideline value for Corporation Colony 1st Street has seen several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 7,700 per sq.ft, which is an increase of 10% from Rs 7,000 per sq.ft in the 2023 revision. There are no figures available for the revisions in 2017, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline value was Rs 7,000 per sq.ft in 2023, and prior to that, there are no recorded figures for the years mentioned. The increase from 2023 to 2024 reflects the current valuation of the property.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 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 that 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 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, leading to a total cost of 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.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Corporation Colony 1st Street?

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

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a crucial factor during the registration process of property transactions in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer or seller approaches the registration office, the guideline value is assessed to ensure that the transaction adheres to the legal requirements. This value helps in maintaining transparency and accountability in property dealings.

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?

The guideline value has changed from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024, reflecting a 10% increase. There are no recorded figures for the revisions in 2017, 2012, 2007, 2003, and 2002 for this street.

What are the other streets in Mylapore Part 2 with their guideline values?

Other streets in Mylapore Part 2 include Corporation Colony 2st Street at Rs 7,700 per sq.ft, Co-Operative Colony at Rs 14,300 per sq.ft, and several others with varying rates. The guideline values range from Rs 4,400 to Rs 25,300 per sq.ft across the village.

What is the stamp duty for a property in Corporation Colony 1st Street?

The stamp duty for a property in Corporation Colony 1st Street is calculated at 7% of the guideline value. For a 1,000 sq.ft plot, the stamp duty would amount to Rs 5,39,000 based on the current guideline value.

Where can I find the Sub Registrar Office for Corporation Colony 1st Street?

The Sub Registrar 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.