Guideline Value for LOOP STREET (C.I.T. COLONY)

Loop Street (C.I.T. Colony) guideline value

The current guideline value of Loop Street (C.I.T. Colony) is Rs 9,900 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 III Type - I.

How the guideline value of Loop Street (C.I.T. Colony) has changed

Over the years, the guideline value of Loop Street (C.I.T. Colony) has seen significant changes. The 2007 revision set the value at Rs 1,540 per sq.ft, which rose to Rs 9,000 per sq.ft in 2012. However, this value decreased to Rs 6,030 per sq.ft in the 2017 revision. In 2023, it increased to Rs 9,000 per sq.ft, and the most recent revision in 2024 has set the value at Rs 9,900 per sq.ft. Notably, the register has no figures for the years 2002 and 2003.

From 2007 to 2024, the overall increase in guideline value is 543%. The changes between revisions include a 484% increase from 2007 to 2012, a decrease of 33% from 2012 to 2017, and a 49% increase from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 10% increase.

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. Loop Street (C.I.T. Colony) has a 2024 figure that is above this median.

• Loop Street (Mandavelipakkam): Rs 3,300 per sq.ft (2024)
• Loop Road (Govt.Quarters): Rs 8,200 per sq.ft (2024)
• Loop 2nd Street: Rs 8,200 per sq.ft (2024)
• Loop 1st Street: Rs 8,200 per sq.ft (2024)
• Loganathan Colony: Rs 7,100 per sq.ft (2024)
• Luthar Ford Puram: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Loop Street (C.I.T. Colony)

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, making the total cost together Rs 8,91,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Loop Street (C.I.T. Colony)?

The Sub Registrar Office that covers Loop Street (C.I.T. Colony) 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 buying or selling property in Mylapore. It determines the minimum value at which properties can be registered and is used to calculate the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value serves as a benchmark to ensure that the transaction is recorded accurately. Buyers and sellers must be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Loop Street (C.I.T. Colony)?

The current guideline value of Loop Street (C.I.T. Colony) is Rs 9,900 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 1,540 per sq.ft in 2007 to Rs 9,900 per sq.ft in 2024, with various revisions in between.

What is the stamp duty rate for properties in Loop Street (C.I.T. Colony)?

The stamp duty rate for properties in Loop Street (C.I.T. Colony) is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Loop Street (C.I.T. Colony)?

The Sub Registrar Office for Loop Street (C.I.T. Colony) is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018.

What does the guideline value indicate?

The guideline value indicates the minimum value at which properties must be registered and is used to calculate stamp duty and registration fees during property transactions.