Guideline Value for CIT COLONY 5TH CROSS STREET

Cit Colony 5th Cross Street guideline value

The current guideline value of Cit Colony 5th Cross Street is Rs 16,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Cit Colony 5th Cross Street has changed

The guideline value for Cit Colony 5th Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 1,566 per sq.ft, which increased to Rs 1,740 per sq.ft in 2003, marking a rise of 11%. The value then experienced a modest increase of 1% to reach Rs 1,750 per sq.ft in 2007. The next revision in 2012 saw a significant jump to Rs 15,000 per sq.ft, reflecting a 757% increase. However, this was followed by a decrease to Rs 10,050 per sq.ft in 2017, which represented a decline of 33%.

From 2017 to 2023, the guideline value rose sharply to Rs 15,000 per sq.ft, an increase of 49%. The most recent revision in 2024 set the guideline value at Rs 16,500 per sq.ft, which is a 10% increase from the previous year. There are no figures available for other revisions for this street.

Guideline values in Mylapore

In Mylapore village, 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 guideline value in this area is Rs 8,800 per sq.ft, placing Cit Colony 5th Cross Street's 2024 figure above that median.

• Cit Colony 4th Cross Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 6th Cross Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 3rd Coss Street: Rs 16,500 per sq.ft (2024)
• Cit Colony Link Street: Rs 16,500 per sq.ft (2024)
• Cit Colony 2nd Main Road: Rs 16,500 per sq.ft (2024)
• Cit Colony 2nd Link Street: Rs 16,500 per sq.ft (2024)

Stamp duty and registration fee for property in Cit Colony 5th 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, bringing the total cost 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 information.

Which Sub Registrar Office covers Cit Colony 5th Cross Street?

The Sub Registrar Office that covers Cit Colony 5th Cross Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. For more details, you can find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the actual sale price. The higher of the two values is used to calculate the applicable stamp duty, ensuring that buyers and sellers are aware of the financial implications of their transactions.

Frequently asked questions

What is the current guideline value for Cit Colony 5th Cross Street?

The current guideline value for Cit Colony 5th 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 over the years, starting from Rs 1,566 per sq.ft in 2002 to Rs 16,500 per sq.ft in 2024, reflecting an overall increase of 954%.

What is the stamp duty rate for property in Cit Colony 5th Cross Street?

The stamp duty rate for property in Cit Colony 5th Cross Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Cit Colony 5th Cross Street located?

The Sub Registrar Office for Cit Colony 5th Cross Street 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 in Mylapore is Rs 8,800 per sq.ft, which is below the current guideline value of Cit Colony 5th Cross Street.