Guideline Value for CIT COLONY 1ST CROSS STREET

Cit Colony 1st Cross Street guideline value

The current guideline value of Cit Colony 1st Cross Street is Rs 16,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class I Type - I.

How the guideline value of Cit Colony 1st Cross Street has changed

The guideline value for Cit Colony 1st Cross Street has seen several revisions over the years. In 2007, the value was Rs 2,365 per sq.ft, which increased significantly to Rs 15,000 per sq.ft in 2012, marking a rise of 534%. However, from 2012 to 2017, the value decreased to Rs 10,050 per sq.ft, a drop of 33%. The value then rose again to Rs 15,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 16,500 per sq.ft, which is a 10% increase from the previous year.

Notably, there are no figures available for the years 2002 and 2003 for this street in the register. Overall, from 2007 to 2024, the guideline value has increased by 598%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, placing the 2024 figure for Cit Colony 1st Cross Street above this median.

• Cit Colony 1st Link Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 1st Main Road: Rs 13,200 per sq.ft (2024)
• Cit Colony 2nd Cross Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 2nd Link Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 2nd Main Road: Rs 16,500 per sq.ft (2024)
• Cit Colony 3rd Coss Street: Rs 16,500 per sq.ft (2024)

Stamp duty and registration fee for property in Cit Colony 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 16,500 per sq.ft, the total guideline value amounts to Rs 1,65,00,000. The stamp duty at 7% would be Rs 11,55,000, and the registration fee at 2% would be Rs 3,30,000, making the total cost for these fees Rs 14,85,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Cit Colony 1st Cross Street?

The Sub Registrar Office that covers Cit Colony 1st Cross Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is an important factor when buying or selling property in Mylapore. It is used to determine the stamp duty and registration fees applicable during the property registration process. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

This ensures that the government receives appropriate revenue from property transactions, as the guideline value reflects the minimum value at which properties in the area are assessed. It is advisable for both buyers and sellers to check the current guideline value before proceeding with a transaction.

Frequently asked questions

What is the current guideline value of Cit Colony 1st Cross Street?

The current guideline value of Cit Colony 1st Cross Street is Rs 16,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,365 per sq.ft in 2007 to Rs 16,500 per sq.ft in 2024, reflecting an overall increase of 598% over the years.

What is the land classification for Cit Colony 1st Cross Street?

Cit Colony 1st Cross Street is classified as Residential Class I Type - I.

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

The Mylapore Sub Registrar Office covers Cit Colony 1st Cross Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 1,65,00,000 would incur a stamp duty of Rs 11,55,000 at 7%.