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

C.I.T.Nagar Fifth Lane guideline value

The current guideline value of C.I.T.Nagar Fifth Lane 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 Lane has changed

The guideline value for C.I.T.Nagar Fifth Lane has seen several revisions over the years. In 2002, the value was Rs 904 per sq.ft, which increased to Rs 1,500 per sq.ft in 2003, marking a 66% rise. The value continued to rise, reaching Rs 2,000 per sq.ft in 2007, which was a 33% increase from the previous revision. The 2012 revision saw a decrease to Rs 6,000 per sq.ft, a decline of 33% from 2007. In 2017, the value increased significantly to Rs 4,020 per sq.ft, reflecting a 49% rise. The 2023 revision set the value at Rs 6,000 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 6,600 per sq.ft, an increase of 10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 630%. There are no other revisions recorded for this street in the register.

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 value for these streets is Rs 6,600 per sq.ft, which matches the current guideline value for C.I.T.Nagar Fifth Lane.

• C.I.T.Nagar Fifth Gross Street: Rs 6,600 per sq.ft (2024)
• C.I.T.Nagar Fifth Main Road: Rs 12,100 per sq.ft (2024)
• C.I.T.Nagar Ext. Third Main Road Ist Street: Rs 12,100 per sq.ft (2024)
• C.I.T. Nagar First Cross Street Eastern Side Of Third Main Road: 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 First Lane: Rs 6,600 per sq.ft (2024)

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

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, making the total fees together 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.

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

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

The Sub Registrar Office that covers C.I.T.Nagar Fifth Lane is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. For additional assistance, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Mambalam, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. Proper understanding of the guideline value ensures compliance with legal requirements during the registration process.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 904 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 630% over the years.

What is the registration office for C.I.T.Nagar Fifth Lane?

The registration office for C.I.T.Nagar Fifth Lane 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 properties in C.I.T.Nagar Fifth Lane?

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

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

The land classification for C.I.T.Nagar Fifth Lane is Residential Class II Type - I, which is important for understanding the zoning regulations applicable to this area.