Guideline Value for C.I.T.NAGAR FOURTH CROSS STREET

C.I.T.Nagar Fourth Cross Street guideline value

The current guideline value of C.I.T.Nagar Fourth Cross 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 Fourth Cross Street has changed

The guideline value for C.I.T.Nagar Fourth Cross Street 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 further increased to Rs 2,000 per sq.ft in 2007, showing a 33% change. In 2012, the value was recorded at Rs 6,000 per sq.ft, reflecting a significant increase of 200% from the previous revision. However, in 2017, the value dropped to Rs 4,020 per sq.ft, a decrease of 33% from 2012. The guideline value then rose to Rs 6,000 per sq.ft in 2023, and finally to Rs 6,600 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 630%. There are no figures available for revisions in the years not mentioned in this document.

Guideline values in Mambalam

The village of Mambalam has 163 streets under the Thiyagaraya nagar SRO, with the 2024 guideline values 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 Fourth Cross Street.

• C.I.T.Nagar First Main Road: Rs 15,400 per sq.ft (2024)
• C.I.T.Nagar Fourth Lane: 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 Fourth Main Road: Rs 12,100 per sq.ft (2024)
• C.I.T.Nagar First Lane: Rs 6,600 per sq.ft (2024)
• C.I.T. Nagar Second Lane: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in C.I.T.Nagar Fourth Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to 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 cost for these fees to Rs 5,94,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers C.I.T.Nagar Fourth Cross Street?

The Sub Registrar Office that covers C.I.T.Nagar Fourth Cross 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 during the registration process of property transactions in Mambalam. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the transfer of ownership. This ensures that all transactions are recorded accurately and fairly within the legal framework.

Frequently asked questions

What is the current guideline value for C.I.T.Nagar Fourth Cross Street?

The current guideline value for C.I.T.Nagar Fourth Cross Street 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, reflecting an overall increase of 630% over this period.

What is the land classification for C.I.T.Nagar Fourth Cross Street?

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

What are the stamp duty and registration fees for properties in this area?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 5,94,000.

Where is the Sub Registrar Office for C.I.T.Nagar Fourth Cross Street located?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.