Guideline Value for Korsa Sahib Lane

Korsa Sahib Lane guideline value

The current guideline value of Korsa Sahib Lane, located in Muthiyalpet village under the Sowcarpet SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Korsa Sahib Lane has changed

The guideline value for Korsa Sahib Lane has seen several revisions over the years. In 2003, the value was Rs 950 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007, marking a 26% rise. The value then surged significantly to Rs 4,000 per sq.ft in 2012, reflecting a substantial increase of 233%. However, it decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 4,000 per sq.ft in 2023, before reaching the current figure of Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 363%. The register has no figure for Korsa Sahib Lane in 2002.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the current value of Korsa Sahib Lane.

• Korsa Sahib Street: Rs 4,400 per sq.ft (2024)
• Kondithoppu Street: Rs 3,800 per sq.ft (2024)
• Kondala Aiyer Street: Rs 4,400 per sq.ft (2024)
• Krishna Aiyer Street: Rs 6,000 per sq.ft (2024)
• Krishnappa Maistry Street: Rs 4,400 per sq.ft (2024)
• Krishnappa Naicken Agraharam Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Korsa Sahib Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total 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, bringing the total to 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Korsa Sahib Lane?

The Sub Registrar Office that covers Korsa Sahib Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees applicable to property transactions. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable duties, which are charged on the higher of the guideline value or the sale price. This ensures that the transaction is fairly assessed based on the established values in the area.

Frequently asked questions

What is the current guideline value of Korsa Sahib Lane?

The current guideline value of Korsa Sahib 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 950 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 363% over this period.

What are the stamp duty and registration fees for a property in Korsa Sahib Lane?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office handles registrations for Korsa Sahib Lane?

The Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, handles registrations for Korsa Sahib Lane.

What is the land classification for Korsa Sahib Lane?

Korsa Sahib Lane is classified under Residential Class I Type - I, which indicates its designation for residential use within the area.