Guideline Value for KORUKKANTHANGAL SALAI (WARD -18)

Korukkanthangal Salai (Ward -18) guideline value

The current guideline value of Korukkanthangal Salai (Ward -18) is Rs 660 per sq.ft, effective from 1 July 2024. This street is located in Ninna Karai village and falls under the Chengleput Joint II SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Korukkanthangal Salai (Ward -18) has changed

Over the years, the guideline value for Korukkanthangal Salai has seen several revisions. The most recent revision in 2024 set the value at Rs 660 per sq.ft, an increase from Rs 600 per sq.ft in 2023, reflecting a 10% rise. Prior to that, in 2017, the value was Rs 402 per sq.ft, which indicates a significant increase of 49% over the six years leading up to 2023. The 2012 revision also recorded Rs 600 per sq.ft, marking a decrease of 33% when compared to the 2017 figure.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to the current 2024 revision, the guideline value has increased by 10%.

Guideline values in Ninna Karai

Ninna Karai village has a total of 449 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 3,500 per sq.ft. The median guideline value in this village is Rs 1,100 per sq.ft, which means the 2024 guideline value for Korukkanthangal Salai is below that median.

• Kothari Nagar (Ward -15): Rs 660 per sq.ft (2024)
• Kothari Nagar (Ward -19): Rs 660 per sq.ft (2024)
• Kolatheswar Kovil Street (Kr): Rs 660 per sq.ft (2024)
• Kodikatha Kumaran Street (Ward -8): Rs 1,321 per sq.ft (2024)
• Kodikatha Kumaran 2nd Cross Street (Ward -8): Rs 1,321 per sq.ft (2024)
• Kavimani Street (Ward -7): Rs 1,321 per sq.ft (2024)

Stamp duty and registration fee for property in Korukkanthangal Salai (Ward -18)

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total cost for these fees to Rs 59,400. It is important to note that the stamp 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 Korukkanthangal Salai (Ward -18)?

The Sub Registrar Office that covers Korukkanthangal Salai (Ward -18) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Ninna Karai. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is documented at a fair value. This helps in maintaining transparency and accountability in property transactions.

When a buyer decides to purchase property, the guideline value influences the amount of stamp duty and registration fees that need to be paid. Therefore, understanding the guideline value is essential for both buyers and sellers to ensure compliance with local regulations and to avoid any legal complications during the registration process.

Frequently asked questions

What is the current guideline value of Korukkanthangal Salai (Ward -18)?

The current guideline value of Korukkanthangal Salai (Ward -18) is Rs 660 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 2023 to Rs 660 per sq.ft in 2024, representing a 10% increase. Additionally, it rose from Rs 402 per sq.ft in 2017 to Rs 600 per sq.ft in 2023, marking a 49% increase.

What is the land classification for Korukkanthangal Salai (Ward -18)?

The land classification for Korukkanthangal Salai (Ward -18) is Residential Class I Type - III, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 59,400 based on the current guideline value.

Which office handles property registrations for Korukkanthangal Salai (Ward -18)?

The Chengleput Joint II Sub Registrar Office handles property registrations for Korukkanthangal Salai (Ward -18). It is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.