Guideline Value for CIT COLONY 2ND CROSS STREET

Cit Colony 2nd Cross Street guideline value

The current guideline value of Cit Colony 2nd Cross Street is Rs 16,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the jurisdiction of the Mylapore SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Cit Colony 2nd Cross Street has changed

The guideline value for Cit Colony 2nd Cross Street has undergone several revisions since 2002. The earliest recorded figure is from 2002, which was Rs 1,566 per sq.ft. This value increased to Rs 1,740 per sq.ft in 2003, marking an 11% rise. In 2007, the guideline value saw a significant jump to Rs 2,365 per sq.ft, representing a 36% increase from the previous revision. The value then surged to Rs 15,000 per sq.ft in 2012, a remarkable 534% increase. However, it decreased to Rs 10,050 per sq.ft in 2017, reflecting a 33% drop. The next revision in 2023 brought the value back up to Rs 15,000 per sq.ft, a 49% increase. Finally, the current value of Rs 16,500 per sq.ft reflects a 10% increase from the 2023 revision.

There are no figures available for the revisions in years other than those specified. The overall change from the 2002 to the 2024 revision is an increase of 954%.

Guideline values in Mylapore

Mylapore village has 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 in this area is Rs 8,800 per sq.ft, placing Cit Colony 2nd Cross Street's current value above that median.

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

Stamp duty and registration fee for property in Cit Colony 2nd 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 duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Cit Colony 2nd Cross Street?

The Sub Registrar Office that covers Cit Colony 2nd 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 plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price of the property.

Understanding the guideline value is essential for both buyers and sellers, as it impacts the overall cost of property transactions. It is advisable to check the latest guideline values before proceeding with any property dealings to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of Cit Colony 2nd Cross Street?

The current guideline value of Cit Colony 2nd 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 significantly from Rs 1,566 per sq.ft in 2002 to Rs 16,500 per sq.ft in 2024, reflecting an overall increase of 954% over the years.

What is the median guideline value in Mylapore?

The median guideline value in Mylapore is Rs 8,800 per sq.ft, which is below the current value of Cit Colony 2nd Cross Street.

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

For a property valued at 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.

Where can I find the Sub Registrar Office for Cit Colony 2nd Cross Street?

The Sub Registrar Office for Cit Colony 2nd Cross Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.