Guideline Value for CIT COLONY 4TH CROSS STREET

Cit Colony 4th Cross Street guideline value

The current guideline value of Cit Colony 4th Cross 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 4th Cross Street has changed

Over the years, the guideline value of Cit Colony 4th Cross Street has seen significant revisions. Starting from the 2002 revision, the value was Rs 1,930 per sq.ft. This figure increased to Rs 2,144 per sq.ft in 2003, marking an increase of 11%. In 2007, it rose dramatically to Rs 2,365 per sq.ft, a change of 10%. The value then surged to Rs 15,000 per sq.ft in 2012, reflecting a substantial increase of 534%. The guideline value remained unchanged at Rs 15,000 per sq.ft until the 2023 revision.

In 2023, the guideline value was revised to Rs 15,000 per sq.ft, and in the latest revision of 2024, it has increased to Rs 16,500 per sq.ft, showing a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 755%. Notably, there is no figure available for the year 2017 in the register for this street.

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 the 2024 guideline value of Cit Colony 4th Cross Street above this median.

• Cit Colony 3rd Coss Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 5th Cross Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 2nd Main Road: Rs 16,500 per sq.ft (2024)
• Cit Colony 6th Cross Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 2nd Link Street: Rs 16,500 per sq.ft (2024)
• Cit Colony Link Street: Rs 16,500 per sq.ft (2024)

Stamp duty and registration fee for property in Cit Colony 4th 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 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 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Cit Colony 4th Cross Street?

The Sub Registrar Office that covers Cit Colony 4th 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 is used to determine the stamp duty and registration fees that need to be paid during the transaction. The value is set by the government and is regularly revised to reflect changes in the real estate market.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable stamp duty. This ensures that the government collects the appropriate fees based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Cit Colony 4th Cross Street?

The current guideline value of Cit Colony 4th 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 1,930 per sq.ft in 2002 to Rs 16,500 per sq.ft in 2024, reflecting an overall increase of 755% over this period.

What are the other streets in Mylapore with the same guideline value?

Other streets in Mylapore with the same guideline value of Rs 16,500 per sq.ft for 2024 include Cit Colony 3rd Cross Street, Cit Colony 5th Cross Street, Cit Colony 2nd Main Road, Cit Colony 6th Cross Street, Cit Colony 2nd Link Street, and Cit Colony Link Street.

What is the stamp duty rate for properties in Cit Colony 4th Cross Street?

The stamp duty rate for properties in Cit Colony 4th Cross Street is 7%, which is applied to the higher of the guideline value or the sale price during registration.

Where is the Sub Registrar Office for Cit Colony 4th Cross Street located?

The Sub Registrar Office for Cit Colony 4th Cross Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.