Guideline Value for CIT COLONY 1ST LINK STREET

Cit Colony 1st Link Street guideline value

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

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

The guideline value for Cit Colony 1st Link Street has undergone several revisions over the years. In the 2007 revision, the value was Rs 2,365 per sq.ft. This figure saw a substantial increase in the 2012 revision, where it rose to Rs 15,000 per sq.ft, marking an increase of 534%. However, in the 2017 revision, the value decreased to Rs 10,050 per sq.ft, representing a decline of 33%. The value then increased significantly again to Rs 15,000 per sq.ft in the 2023 revision, and finally, it reached Rs 16,500 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

There are no figures available for Cit Colony 1st Link Street in the 2002 and 2003 revisions. 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 that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Cit Colony 1st Link Street is above this median.

• Cit Colony 1st Cross 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 Link Street

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

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

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

The Sub Registrar Office that covers Cit Colony 1st Link 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 plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers should be aware that the guideline value may influence the overall costs associated with property transactions.

When registering a property, the stamp duty and registration 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 in the area.

Frequently asked questions

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

The current guideline value of Cit Colony 1st Link 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 significantly 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 are the stamp duty and registration fees for property in Cit Colony 1st Link Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 1,65,00,000. The stamp duty would be Rs 11,55,000, and the registration fee would be Rs 3,30,000, totaling Rs 14,85,000.

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

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

How is the guideline value determined for properties in Mylapore?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It serves as a minimum benchmark for property registration in Mylapore.