Guideline Value for CIT COLONY 2ND MAIN ROAD

Cit Colony 2nd Main Road guideline value

The current guideline value of Cit Colony 2nd Main Road is Rs 16,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village under the Mylapore SRO, classified as Residential Class I Type - I.

How the guideline value of Cit Colony 2nd Main Road has changed

The guideline value for Cit Colony 2nd Main Road has seen significant changes over the years. In 2002, the value was Rs 1,685 per sq.ft, which increased to Rs 1,872 per sq.ft in 2003, marking an increase of 11%. This was followed by a 26% rise to Rs 2,365 per sq.ft in 2007. The value then surged by 534% to Rs 15,000 per sq.ft in 2012, remaining unchanged until 2023. In 2023, the value was again Rs 15,000 per sq.ft, before rising by 10% to the current rate of Rs 16,500 per sq.ft in 2024.

It is noteworthy that there is no figure available for the year 2017 for this street. Overall, from 2002 to 2024, the guideline value has increased by 879%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with 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 2nd Main Road's 2024 figure above this median.

• Cit Colony 2nd Link Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 3rd Coss Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 2nd Cross Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 4th Cross Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 1st Main Road: Rs 13,200 per sq.ft (2024)
• Cit Colony 5th Cross Street: Rs 16,500 per sq.ft (2024)

Stamp duty and registration fee for property in Cit Colony 2nd Main Road

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, 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 and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Cit Colony 2nd Main Road?

The Sub Registrar Office that covers Cit Colony 2nd 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 information.

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

The guideline value plays a crucial role in property transactions in Mylapore. It serves as a benchmark for determining the minimum price at which properties can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for property registration.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the property's worth as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Cit Colony 2nd Main Road?

The current guideline value of Cit Colony 2nd Main Road 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, increasing from Rs 1,685 per sq.ft in 2002 to Rs 16,500 per sq.ft in 2024, marking an overall increase of 879%.

What is the stamp duty rate for properties in Cit Colony 2nd Main Road?

The stamp duty rate for properties in Cit Colony 2nd Main Road is 7% of the guideline value or sale price, whichever is higher.

Where is the Mylapore Sub Registrar Office located?

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

What is the median guideline value in Mylapore?

The median guideline value for streets in Mylapore is Rs 8,800 per sq.ft, with Cit Colony 2nd Main Road's 2024 value being above this median.