Guideline Value for CIT COLONY 2ND LINK STREET

Cit Colony 2nd Link Street guideline value

The current guideline value of Cit Colony 2nd Link 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 2nd Link Street has changed

The guideline value for Cit Colony 2nd Link Street has seen significant changes over the years. Starting from the 2002 revision, the value was Rs 1,566 per sq.ft. This increased to Rs 1,740 per sq.ft in 2003, marking an increase of 11%. The next major revision in 2007 set the value at Rs 5,360 per sq.ft, an increase of 208%. In 2012, the value was Rs 15,000 per sq.ft, showing a substantial rise of 180% from the previous revision. However, in 2017, the value dropped to Rs 10,050 per sq.ft, a decrease of 33%. The 2023 revision brought the value back up to Rs 15,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 16,500 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years not listed in the revisions. Overall, from 2002 to 2024, the guideline value has increased by 954%.

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 2nd Link Street is above this median.

• Cit Colony 2nd Cross Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 2nd Main Road: Rs 16,500 per sq.ft (2024)
• Cit Colony 1st Main Road: Rs 13,200 per sq.ft (2024)
• Cit Colony 3rd Coss Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 1st Link Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 4th Cross Street: Rs 16,500 per sq.ft (2024)

Stamp duty and registration fee for property in Cit Colony 2nd 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 be Rs 11,55,000, and the registration fee at 2% would be Rs 3,30,000, bringing the total 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 more details.

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

The Sub Registrar Office that covers Cit Colony 2nd 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 is a crucial factor when registering property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of a property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Cit Colony 2nd 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 1,566 per sq.ft in 2002 to Rs 16,500 per sq.ft in 2024, with various revisions impacting the value over the years.

What is the land classification for Cit Colony 2nd Link Street?

Cit Colony 2nd Link Street is classified as Residential Class I Type - I.

What are the stamp duty rates for properties in Mylapore?

The stamp duty for properties in Mylapore is typically set at 7% of the guideline value or sale price, whichever is higher.

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

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