Guideline Value for Corporation Street

Corporation Street guideline value

The current guideline value of Corporation Street in Siruvallur village is Rs 1,600 per sq.ft, effective from 1 July 2024. This street falls under the Sembiam SRO and is classified as Residential Class IV Type - I.

How the guideline value of Corporation Street has changed

The guideline value for Corporation Street has seen several revisions over the years. In 2002, the value was Rs 357 per sq.ft, which increased to Rs 392 per sq.ft in 2003, marking a 10% rise. The value then rose significantly to Rs 800 per sq.ft in 2007, representing a 104% increase. Following this, the guideline value reached Rs 1,500 per sq.ft in 2012, which was an 88% increase from the previous revision. However, it then decreased to Rs 1,005 per sq.ft in 2017, a decline of 33%.

From 2017 to 2023, the guideline value increased to Rs 1,500 per sq.ft, showing a substantial rise of 49%. The most recent revision in 2024 set the value at Rs 1,600 per sq.ft, a 7% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 348%.

Guideline values in Siruvallur

In Siruvallur, there are 86 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 6,600 per sq.ft, with a median value of Rs 1,900 per sq.ft. Corporation Street's 2024 figure is below this median.

• Chengalvarayan Street: Rs 1,900 per sq.ft (2024)
• Chengalvarayan Lane: Rs 1,600 per sq.ft (2024)
• Carpenter Street: Rs 1,900 per sq.ft (2024)
• Bundhar Garden Main Street: Rs 3,900 per sq.ft (2024)
• Bundhar Garden Cross Street: Rs 3,300 per sq.ft (2024)
• Bundhar Garden 3rd Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Corporation Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Corporation Street?

The Sub Registrar Office that covers Corporation Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Siruvallur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the official value of the property, which can influence negotiations and final sale prices. It is essential for buyers and sellers to be aware of the current guideline value to make informed decisions during the transaction process.

Frequently asked questions

What is the current guideline value of Corporation Street?

The current guideline value of Corporation Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 357 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, representing a total increase of 348% over this period.

What is the land classification of Corporation Street?

Corporation Street is classified as Residential Class IV Type - I.

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

The Sembiam Sub Registrar Office, which covers Corporation Street, is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for property in Corporation Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at 7%.