Guideline Value for WEST C.I.T. NAGAR 2ND STREET

West C.I.T. Nagar 2nd Street guideline value

The current guideline value for West C.I.T. Nagar 2nd Street is Rs 8,250 per sq.ft, effective from 1 July 2024. This street is located in the Government farm village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of West C.I.T. Nagar 2nd Street has changed

Since the 2012 revision, the guideline value for West C.I.T. Nagar 2nd Street has seen various changes. In 2012, the guideline value was Rs 7,500 per sq.ft, which decreased to Rs 5,025 per sq.ft in 2017, marking a decline of 33%. The value then increased significantly to Rs 7,500 per sq.ft in 2023, and further rose to Rs 8,250 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Looking at the overall changes, from 2012 to 2024, the guideline value has increased by 10%. The 2023 to 2024 revision shows a 10% increase, while the 2017 to 2023 revision indicates a substantial increase of 49%. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Government farm

In the Government farm village, there are 35 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,850 to Rs 15,400 per sq.ft. The median guideline value for these streets is Rs 8,250 per sq.ft, which is the same as the current value for West C.I.T. Nagar 2nd Street.

• West C.I.T. Nagar 2nd Main Road: Rs 9,350 per sq.ft (2024)
• West C.I.T. Nagar 3rd Cross Street: Rs 8,250 per sq.ft (2024)
• West C.I.T. Nagar 2nd Cross Street: Rs 8,250 per sq.ft (2024)
• West C.I.T. Nagar 3rd Main Road: Rs 9,350 per sq.ft (2024)
• West C.I.T. Nagar 1st Street: Rs 8,250 per sq.ft (2024)
• West C.I.T. Nagar 3rd Street: Rs 8,250 per sq.ft (2024)

Stamp duty and registration fee for property in West C.I.T. Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,250 per sq.ft, the total guideline value amounts to Rs 82,50,000. The stamp duty at 7% would be Rs 5,77,500, and the registration fee at 2% would be Rs 1,65,000, bringing the total cost to Rs 7,42,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating stamp duty and registration fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers West C.I.T. Nagar 2nd Street?

The West C.I.T. Nagar 2nd Street falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Government farm. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives due revenue from property transactions, maintaining transparency in the real estate market.

Frequently asked questions

What is the current guideline value of West C.I.T. Nagar 2nd Street?

The current guideline value of West C.I.T. Nagar 2nd Street is Rs 8,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 7,500 per sq.ft in 2012 to Rs 5,025 per sq.ft in 2017, then increased to Rs 7,500 per sq.ft in 2023, and finally to Rs 8,250 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 82,50,000, the stamp duty would be Rs 5,77,500, and the registration fee would be Rs 1,65,000, totaling Rs 7,42,500.

Which office registers properties in West C.I.T. Nagar 2nd Street?

The properties in West C.I.T. Nagar 2nd Street are registered at the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for West C.I.T. Nagar 2nd Street?

The land classification for West C.I.T. Nagar 2nd Street is Residential Class II Type - I.