Guideline Value for C.I.T. NAGAR THIRD LANE

C.I.T. Nagar Third Lane guideline value

The current guideline value of C.I.T. Nagar Third Lane is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village and falls under the Thiyagaraya nagar SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of C.I.T. Nagar Third Lane has changed

The guideline value for C.I.T. Nagar Third Lane has seen several revisions over the years. In 2002, the value was Rs 904 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2003. By 2007, the value rose to Rs 2,000 per sq.ft, and then it experienced a substantial jump to Rs 7,000 per sq.ft in 2012. However, it fell to Rs 4,690 per sq.ft in 2017. The value then increased to Rs 7,000 per sq.ft in 2023, before reaching the current figure of Rs 7,700 per sq.ft in 2024.

The changes between these revisions are notable. From 2002 to 2003, the value increased by 66%. The rise from 2003 to 2007 was 33%, followed by a remarkable 250% increase from 2007 to 2012. The value then decreased by 33% from 2012 to 2017, but saw a significant increase of 49% from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 752% from 2002 to 2024.

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. The median guideline value for these streets is Rs 6,600 per sq.ft, placing C.I.T. Nagar Third Lane's 2024 figure above this median.

• C.I.T.Nagar Third Cross Street: Rs 6,600 per sq.ft (2024)
• C.I.T.Nagar Third Main Road: Rs 12,100 per sq.ft (2024)
• C.I.T.Nagar Sixth Lane: Rs 6,600 per sq.ft (2024)
• C.I.T.Nagar Third Main Road II nd Street: Rs 7,700 per sq.ft (2024)
• C.I.T. Nagar Seventh Lane: Rs 5,500 per sq.ft (2024)
• C.I.T.Nagar Second Main Road: Rs 15,400 per sq.ft (2024)

Stamp duty and registration fee for property in C.I.T. Nagar Third Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total fees to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers C.I.T. Nagar Third Lane?

The Sub Registrar Office that covers C.I.T. Nagar Third Lane 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 plays a crucial role during the registration of property transactions in Mambalam. It is the minimum value set by the government for properties, and it is used to calculate the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of C.I.T. Nagar Third Lane?

The current guideline value of C.I.T. Nagar Third Lane is Rs 7,700 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 904 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 752% over this period.

What is the median guideline value for streets in Mambalam?

The median guideline value for the 163 streets in Mambalam under the Thiyagaraya nagar SRO is Rs 6,600 per sq.ft.

What are the stamp duty and registration fees for property in C.I.T. Nagar Third Lane?

For a 1,000 sq.ft plot, the total guideline value is Rs 77,00,000. The stamp duty would be Rs 5,39,000, and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which Sub Registrar Office covers C.I.T. Nagar Third Lane?

The Thiyagaraya nagar Sub Registrar Office covers C.I.T. Nagar Third Lane, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.