Guideline Value for C.I.T.NAGAR SECOND MAIN ROAD

C.I.T.Nagar Second Main Road guideline value

The current guideline value of C.I.T.Nagar Second Main Road is Rs 15,400 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 Commercial Special Type - II.

How the guideline value of C.I.T.Nagar Second Main Road has changed

The guideline value for C.I.T.Nagar Second Main Road has undergone several revisions over the years. The earliest recorded figure is from 2003, where it was Rs 1,500 per sq.ft. This value increased to Rs 2,000 per sq.ft in 2007, marking a significant rise of 33%. In 2012, the guideline value was revised to Rs 14,000 per sq.ft, reflecting a substantial increase of 600% from the previous figure. However, in 2017, it decreased to Rs 9,380 per sq.ft, resulting in a drop of 33%.

From 2017 to 2023, the value saw a significant increase of 49%, bringing it up to Rs 14,000 per sq.ft. The latest revision in 2024 has set the guideline value at Rs 15,400 per sq.ft, which is a 10% increase from the previous year. The register has no figure for this street in 2002.

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, with a median value of Rs 6,600 per sq.ft. The guideline value for C.I.T.Nagar Second Main Road is above this median.

• C.I.T. Nagar Second Lane: Rs 5,500 per sq.ft (2024)
• C.I.T. Nagar Seventh Lane: 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 Sixth Lane: Rs 6,600 per sq.ft (2024)
• C.I.T.Nagar Fourth Lane: Rs 6,600 per sq.ft (2024)
• C.I.T.Nagar Third Cross Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in C.I.T.Nagar Second Main Road

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 1,54,00,000. The stamp duty at 7% would amount to Rs 10,78,000, and the registration fee at 2% would be Rs 3,08,000, totaling Rs 13,86,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers C.I.T.Nagar Second Main Road?

The Sub Registrar Office that covers C.I.T.Nagar Second Main Road 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 of property transactions in Mambalam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling a property. This ensures that the transaction is recorded accurately and legally, reflecting the current market conditions.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This value is essential for both buyers and sellers to understand, as it directly impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of C.I.T.Nagar Second Main Road?

The current guideline value of C.I.T.Nagar Second Main Road is Rs 15,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 1,500 per sq.ft in 2003 to Rs 15,400 per sq.ft in 2024, marking an overall increase of 927% over the years.

What is the land classification for C.I.T.Nagar Second Main Road?

The land classification for C.I.T.Nagar Second Main Road is Commercial Special Type - II, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for C.I.T.Nagar Second Main Road?

The Sub Registrar Office for C.I.T.Nagar Second Main Road is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

How is stamp duty calculated for properties in Mambalam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 1,54,00,000 would incur a stamp duty of Rs 10,78,000 at 7%.