Guideline Value for Corporation Colony 2st Street

Corporation Colony 2st Street guideline value

The current guideline value of Corporation Colony 2st 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. The land classification for this area is Residential Class II Type - I.

How the guideline value of Corporation Colony 2st Street has changed

The guideline value for Corporation Colony 2st Street has seen several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 7,000 per sq.ft, which increased to Rs 7,700 per sq.ft in the 2024 revision, representing a change of +10%.

With the current 2024 guideline value set at Rs 7,700 per sq.ft, it is essential to note that this figure is below the median guideline value of Rs 8,800 per sq.ft for the 332 streets in Mylapore Part 2 under the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 2

In Mylapore Part 2, the guideline values vary significantly, ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value is Rs 8,800 per sq.ft, placing Corporation Colony 2st Street below this median. Here are some other streets in Mylapore Part 2:

• Corporation Colony 1st 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 2st Street

For a 1,000 sq.ft plot 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, totaling Rs 6,93,000. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers Corporation Colony 2st Street?

The Sub Registrar Office that covers Corporation Colony 2st 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 2

The guideline value plays a crucial role in the registration process of property transactions in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transfer of property ownership.

When buying or selling property, the guideline value is used to ensure that the transaction is recorded at a value that reflects the official rates set by the registration department. This helps maintain transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Corporation Colony 2st Street?

The current guideline value of Corporation Colony 2st 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. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 2?

The median guideline value in Mylapore Part 2 is Rs 8,800 per sq.ft. Corporation Colony 2st Street's current guideline value is below this median.

What fees are associated with property transactions in Corporation Colony 2st Street?

For a property in Corporation Colony 2st Street, the stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For example, a 1,000 sq.ft property would incur a total fee of Rs 6,93,000.

Where can I find the Sub Registrar Office for Corporation Colony 2st Street?

The Sub Registrar Office for Corporation Colony 2st Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.