Guideline Value for Corporation Road

Corporation Road guideline value

The current guideline value of Corporation Road in Jampuli village, under the Madhavaram SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This area falls under Residential Class IV Type - I land classification.

How the guideline value of Corporation Road has changed

The guideline value for Corporation Road has undergone several revisions over the years. The 2012 revision set the value at Rs 1,600 per sq.ft, which was then reduced to Rs 1,072 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,600 per sq.ft, and the latest revision in 2024 raised it further to Rs 1,700 per sq.ft, marking a 6% increase from the previous year.

When looking at the changes, from the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 6%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Jampuli

In Jampuli, there are 118 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 3,300 per sq.ft, with a median value of Rs 2,450 per sq.ft. The guideline value for Corporation Road is below this median.

• De-Mondi Avenue: Rs 1,700 per sq.ft (2024)
• Chinna Pappammal Street: Rs 2,200 per sq.ft (2024)
• Burma Colony Road: Rs 1,700 per sq.ft (2024)
• Bharathiyar Salai: Rs 1,700 per sq.ft (2024)
• Bharathi Street: Rs 1,700 per sq.ft (2024)
• Elizabeth Thomas Nagar: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Corporation Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total fees to Rs 1,53,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Corporation Road?

The Sub Registrar Office that covers Corporation Road is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Jampuli. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the established values.

When a property is sold, the guideline value is used to assess the transaction's legitimacy and ensure that the sale price aligns with the government's valuation. This helps maintain transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value for Corporation Road?

The current guideline value for Corporation Road is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,600 per sq.ft in 2012 to Rs 1,072 per sq.ft in 2017, then back to Rs 1,600 in 2023, and finally to Rs 1,700 in 2024.

What is the land classification for Corporation Road?

Corporation Road falls under the Residential Class IV Type - I land classification.

Where can I find the Sub Registrar Office for Corporation Road?

The Madhavaram Sub Registrar Office covers Corporation Road and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties on Corporation Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 1,53,000, including stamp duty and registration fees.