Guideline Value for Corporation Lane

Corporation Lane guideline value

The current guideline value of Corporation Lane in Vepery village, under the Periamet SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Corporation Lane has changed

The guideline value for Corporation Lane has seen several revisions over the years. Starting from the 2007 revision, the guideline value was Rs 600 per sq.ft. It increased significantly to Rs 4,000 per sq.ft in 2012, marking a 567% rise. However, in the 2017 revision, the value decreased to Rs 2,680 per sq.ft, which was a drop of 33%. The 2023 revision set the value at Rs 4,000 per sq.ft, and the most recent 2024 revision increased it to Rs 4,400 per sq.ft, reflecting a 10% increase.

Overall, from 2007 to 2024, the guideline value has increased by 633%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value for these streets is Rs 4,800 per sq.ft, placing Corporation Lane's current value below this median.

• Coovum river Road & Riverside Road: Rs 4,800 per sq.ft (2024)
• Church Street: Rs 11,500 per sq.ft (2024)
• Decaster Road 1st cross street: Rs 2,700 per sq.ft (2024)
• Decaster Road 2nd lane: Rs 2,700 per sq.ft (2024)
• Decaster Road (Mainroad): Rs 4,800 per sq.ft (2024)
• Decastor Salai 2nd Cross street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Corporation Lane

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Corporation Lane?

The Sub Registrar Office covering Corporation Lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Vepery. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable. This ensures that the transaction is recorded accurately in the government records.

During the registration process, the guideline value serves as a benchmark for assessing the value of the property being transacted. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements and to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Corporation Lane?

The current guideline value of Corporation Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 633% over the years.

What are the other streets in Vepery and their guideline values?

Other streets in Vepery include Coovum river Road & Riverside Road at Rs 4,800 per sq.ft, Church Street at Rs 11,500 per sq.ft, and several others with varying values.

What are the stamp duty and registration fees for properties in Corporation Lane?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Corporation Lane located?

The Sub Registrar Office for Corporation Lane is located at 1103, Poonamallee High Road, Chennai-600 003.