Guideline Value for C.I.T.NAGAR FIFTH GROSS STREET

C.I.T.Nagar Fifth Gross Street guideline value

The current guideline value for C.I.T.Nagar Fifth Gross Street is Rs 6,600 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 II Type - I.

How the guideline value of C.I.T.Nagar Fifth Gross Street has changed

Over the years, the guideline value for C.I.T.Nagar Fifth Gross Street has seen significant changes. In the 2007 revision, the value was Rs 2,000 per sq.ft, which increased to Rs 6,000 per sq.ft in 2012, marking a 200% increase. However, the value then decreased to Rs 4,020 per sq.ft in the 2017 revision, a decline of 33%. The value rose again to Rs 6,000 per sq.ft in 2023, and currently stands at Rs 6,600 per sq.ft as per the 2024 revision, reflecting a 10% increase from the previous year. The register has no figure for this street for the years 2002 and 2003.

From the 2017 revision to the 2023 revision, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 230%. This indicates a notable fluctuation in the guideline value over the years, with the current value aligning with the median guideline value of Rs 6,600 per sq.ft for Mambalam village.

Guideline values in Mambalam

Mambalam village contains 163 streets under the Thiyagaraya nagar SRO, with guideline values ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median guideline value is Rs 6,600 per sq.ft, which is the same as the current value for C.I.T.Nagar Fifth Gross Street. Below are the guideline values for other streets in Mambalam:

• C.I.T.Nagar Ext. Third Main Road Ist Street: Rs 12,100 per sq.ft (2024)
• C.I.T.Nagar Fifth Lane: Rs 6,600 per sq.ft (2024)
• C.I.T.Nagar Extension Fourth Main Road T.S.No.5 Only: Rs 12,100 per sq.ft (2024)
• C.I.T.Nagar Fifth Main Road: Rs 12,100 per sq.ft (2024)
• C.I.T.Nagan Second Cross Street: Rs 6,600 per sq.ft (2024)
• C.I.T. Nagar First Cross Street Eastern Side Of Third Main Road: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in C.I.T.Nagar Fifth Gross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total cost for these fees to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers C.I.T.Nagar Fifth Gross Street?

The Sub Registrar Office that covers C.I.T.Nagar Fifth Gross Street 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 information.

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

The guideline value plays a crucial role in the registration process for property transactions in Mambalam. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately and fairly.

Buyers and sellers must be aware that the guideline value can vary significantly between different streets and areas. Therefore, it is essential to check the current guideline value for the specific property to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value for C.I.T.Nagar Fifth Gross Street?

The current guideline value for C.I.T.Nagar Fifth Gross Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 230% over the years.

What is the land classification for C.I.T.Nagar Fifth Gross Street?

The land classification for C.I.T.Nagar Fifth Gross Street is Residential Class II Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for C.I.T.Nagar Fifth Gross Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, at the current guideline value, a 1,000 sq.ft plot would incur a stamp duty of Rs 4,62,000.