Guideline Value for Citti Babu Nagar

Citti Babu Nagar guideline value

The current guideline value of Citti Babu Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village under the Sembiam SRO and is classified as Residential Class I Type - I.

How the guideline value of Citti Babu Nagar has changed

The guideline value for Citti Babu Nagar has seen significant changes over the years. In 2007, the value was Rs 700 per sq.ft, which increased dramatically to Rs 3,000 per sq.ft in 2012, marking a rise of 329%. However, it then decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value rebounded to Rs 3,000 per sq.ft in 2023, reflecting a 49% increase from the previous revision. The current value of Rs 3,300 per sq.ft from the 2024 revision shows a further increase of 10% from 2023.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 371%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which matches the current guideline value of Citti Babu Nagar.

• Chelliamman Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Chelliamman Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Chelliamman Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Chelliamman Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Chelliamman Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Chelliamman Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Citti Babu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees would total Rs 2,97,000. 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 Citti Babu Nagar?

Citti Babu Nagar falls under the Sembiam Sub Registrar Office located at 5, Papermills Road, Sembiam, Chennai - 600011. To locate your SRO, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Citti Babu Nagar?

The current guideline value of Citti Babu Nagar is Rs 3,300 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 700 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, representing a total increase of 371% over this period.

What is the stamp duty for property in Citti Babu Nagar?

The stamp duty for property in Citti Babu Nagar is 7% of the guideline value or sale price, whichever is higher. For example, on a plot valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification of Citti Babu Nagar?

Citti Babu Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.