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

C.I.T.Nagar First Lane guideline value

The current guideline value of C.I.T.Nagar First Lane is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village, under the Thiyagaraya nagar SRO, and is classified as Residential Class II Type - I.

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

The guideline value for C.I.T.Nagar First Lane has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 904 per sq.ft. It increased to Rs 1,500 per sq.ft in 2003, marking a 66% rise. The value continued to grow, 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 drop of 33%. In 2017, the value rose significantly to Rs 4,020 per sq.ft, an increase of 49% from 2012. The 2023 revision set the value at Rs 6,000 per sq.ft, and the most recent 2024 revision has increased it to Rs 6,600 per sq.ft, reflecting a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 630%. There are no figures available for the revisions in years other than those specified.

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 is Rs 6,600 per sq.ft, which is equal to the current guideline value of C.I.T.Nagar First Lane.

• C.I.T. Nagar First Cross Street Eastern Side Of Third Main Road: Rs 6,600 per sq.ft (2024)
• C.I.T.Nagar First Link Road: Rs 5,500 per sq.ft (2024)
• C.I.T.Nagar Fifth Main Road: Rs 12,100 per sq.ft (2024)
• C.I.T.Nagar First Main Road: Rs 15,400 per sq.ft (2024)
• C.I.T.Nagar Fifth Lane: Rs 6,600 per sq.ft (2024)
• C.I.T.Nagar Fourth Cross Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in C.I.T.Nagar First 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 be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. It is important to note that the 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 C.I.T.Nagar First Lane?

The Sub Registrar Office that covers C.I.T.Nagar First 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 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 need to be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable duties and fees, ensuring that the transaction is compliant with local regulations. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of C.I.T.Nagar First 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 from Rs 904 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, showing a significant increase over the years.

What are the stamp duty rates for properties in C.I.T.Nagar First Lane?

The stamp duty for properties in C.I.T.Nagar First Lane is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for C.I.T.Nagar First Lane?

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

What is the land classification of C.I.T.Nagar First Lane?

C.I.T.Nagar First Lane is classified as Residential Class II Type - I, which indicates its suitability for residential purposes.