Guideline Value for CIT COLONY 1ST MAIN ROAD

Cit Colony 1st Main Road guideline value

The current guideline value of Cit Colony 1st Main Road is Rs 13,200 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 II Type - I.

How the guideline value of Cit Colony 1st Main Road has changed

Over the years, the guideline value of Cit Colony 1st Main Road has seen significant changes. The 2007 revision recorded a value of Rs 2,365 per sq.ft, which increased dramatically to Rs 12,000 per sq.ft in the 2012 revision, marking a rise of 407%. However, the value fell to Rs 8,040 per sq.ft in the 2017 revision, a decrease of 33%. The 2023 revision then saw a substantial increase to Rs 12,000 per sq.ft, followed by a further rise to Rs 13,200 per sq.ft in the 2024 revision, reflecting a 10% increase.

There are no figures available for the years 2002 and 2003 for this street. From 2007 to 2024, the overall increase in the guideline value is 458%, showcasing a significant upward trend in the value over the years.

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. The median value for these streets is Rs 8,800 per sq.ft, placing Cit Colony 1st Main Road's 2024 figure above that median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total to Rs 11,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Cit Colony 1st Main Road?

The Sub Registrar Office that covers Cit Colony 1st Main Road 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 details.

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 price at which a property can be registered, ensuring transparency and fairness in property transactions.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which means understanding the guideline value is essential for accurate financial planning during a property transaction.

Frequently asked questions

What is the current guideline value of Cit Colony 1st Main Road?

The current guideline value of Cit Colony 1st Main Road is Rs 13,200 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 13,200 per sq.ft in 2024, reflecting an overall increase of 458% over the years.

What are the stamp duty rates for properties in Cit Colony 1st Main Road?

The stamp duty for properties in Cit Colony 1st Main Road is charged at a rate of 7% on the guideline value or sale price, whichever is higher.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018.

What is the land classification for Cit Colony 1st Main Road?

Cit Colony 1st Main Road is classified as Residential Class II Type - I, which is relevant for understanding its usage and potential development.