Guideline Value for 70 FEET ROAD C.I.T. NAGAR WEST

70 Feet Road C.I.T. Nagar West guideline value

The current guideline value of 70 Feet Road C.I.T. Nagar West is Rs 15,400 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village, under the Thiyagaraya nagar SRO, and is classified as Commercial Special Type - II.

How the guideline value of 70 Feet Road C.I.T. Nagar West has changed

The guideline value for 70 Feet Road C.I.T. Nagar West has seen significant changes over the years. In 2003, the value was Rs 2,000 per sq.ft, which increased to Rs 2,500 per sq.ft in 2007. The value then surged to Rs 14,000 per sq.ft in 2012, before dropping to Rs 9,380 per sq.ft in 2017. The 2023 revision set the value at Rs 14,000 per sq.ft, and the latest revision in 2024 raised it to Rs 15,400 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 670%. The register has no figure for the year 2002 for this street.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 22,000 per sq.ft, with a median value of Rs 6,600 per sq.ft. The guideline value for 70 Feet Road C.I.T. Nagar West is above this median.

• Vijayaraghava Chari Ist Street: Rs 7,700 per sq.ft (2024)
• Venkataraman Street: Rs 6,600 per sq.ft (2024)
• Velu Street Eastern Side Of Arya Gowda Road: Rs 7,700 per sq.ft (2024)
• Vazhai Thoppu: Rs 4,400 per sq.ft (2024)
• Vadivelpuram: Rs 6,600 per sq.ft (2024)
• Thiruvengadam Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in 70 Feet Road C.I.T. Nagar West

For a 1,000 sq.ft plot at the current guideline value of Rs 15,400 per sq.ft, the total guideline value amounts to Rs 1,54,00,000. The stamp duty at 7% would be Rs 10,78,000, and the registration fee at 2% would be Rs 3,08,000, bringing the total to Rs 13,86,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers 70 Feet Road C.I.T. Nagar West?

The Sub Registrar Office covering 70 Feet Road C.I.T. Nagar West is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mambalam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of 70 Feet Road C.I.T. Nagar West?

The current guideline value of 70 Feet Road C.I.T. Nagar West is Rs 15,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 2,000 per sq.ft in 2003 to Rs 15,400 per sq.ft in 2024, reflecting an overall increase of 670% over this period.

What is the land classification for 70 Feet Road C.I.T. Nagar West?

The land classification for 70 Feet Road C.I.T. Nagar West is Commercial Special Type - II, indicating its suitability for commercial activities.

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at the current guideline value would incur a total of Rs 13,86,000 in duties and fees.

Where is the Sub Registrar Office for 70 Feet Road C.I.T. Nagar West located?

The Sub Registrar Office for 70 Feet Road C.I.T. Nagar West is located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35, under the Thiyagaraya nagar SRO.