Guideline Value for Corporation Colony Street

Corporation Colony Street guideline value

The current guideline value of Corporation Colony Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar SRO, classified as Residential Class II Type - III.

How the guideline value of Corporation Colony Street has changed

The guideline value for Corporation Colony Street has undergone several revisions over the years. In the 2007 revision, the value was Rs 1,210 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in the 2012 revision. However, it then decreased to Rs 3,685 per sq.ft in the 2017 revision. The 2023 revision saw a rise to Rs 5,500 per sq.ft, followed by the current value of Rs 6,000 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 396%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, making the 2024 figure for Corporation Colony Street above this median.

• C.K. Nagar: Rs 4,100 per sq.ft (2024)
• C.I.T. Salai: Rs 4,900 per sq.ft (2024)
• C.I.T. Road Block 35: Rs 4,900 per sq.ft (2024)
• Church Street (Ottakapalayam): Rs 4,400 per sq.ft (2024)
• Church of South India Block 26: Rs 4,900 per sq.ft (2024)
• Chozahan Street (JPT): Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Corporation Colony Street

For a property measuring 1,000 sq.ft at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total fees to Rs 5,40,000. 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 details on fees applicable to your property transaction.

Which Sub Registrar Office covers Corporation Colony Street?

The Sub Registrar Office that covers Corporation Colony Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Kodambakkam

The guideline value is a crucial factor when buying or selling property in Kodambakkam, as it determines the minimum price at which a property can be registered. This value is set by the government and is subject to periodic revisions based on various factors.

When registering a property, buyers and sellers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and complies with legal requirements.

Frequently asked questions

What is the current guideline value of Corporation Colony Street?

The current guideline value of Corporation Colony Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 1,210 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, marking an overall increase of 396%.

What is the median guideline value for streets in Kodambakkam?

The median guideline value for streets in Kodambakkam is Rs 4,900 per sq.ft, with Corporation Colony Street's 2024 value being above this median.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft property at the current rate, total fees would amount to Rs 5,40,000.

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

The Ashok Nagar Sub Registrar Office covers Corporation Colony Street and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more details online.