Guideline Value for L.G.G.S. COLONY

L.G.G.S. Colony guideline value

The current guideline value of L.G.G.S. Colony is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Nerkundram village and falls under the Virugambakkam SRO, classified as Residential Class IV Type - I.

How the guideline value of L.G.G.S. Colony has changed

The guideline value for L.G.G.S. Colony has undergone several revisions over the years. The earliest recorded figure is from 2002, when the guideline value was Rs 182 per sq.ft. This figure increased to Rs 201 per sq.ft in 2003, marking a 10% rise. In 2007, the value saw a significant jump to Rs 350 per sq.ft, which is a 74% increase. Following this, the value rose dramatically to Rs 2,000 per sq.ft in 2012, reflecting a 471% increase. However, the value decreased to Rs 1,340 per sq.ft in 2017, showing a drop of 33% from the previous revision.

In 2023, the guideline value was revised to Rs 2,000 per sq.ft, and then it increased to the current value of Rs 2,200 per sq.ft in 2024, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1,109%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of L.G.G.S. Colony. Below are the guideline values for other streets in Nerkundram:

• Madha Koil 1st Street: Rs 1,650 per sq.ft (2024)
• Madha Koil 2nd Street: Rs 1,650 per sq.ft (2024)
• Malligai Avenue: Rs 2,750 per sq.ft (2024)
• Mandaveli Main Road: Rs 2,200 per sq.ft (2024)
• Kumudavalli Avenue: Rs 2,200 per sq.ft (2024)
• Mandaveli Masoodi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in L.G.G.S. Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 further calculations.

Which Sub Registrar Office covers L.G.G.S. Colony?

The Sub Registrar Office that covers L.G.G.S. Colony is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

When buying or selling property in Nerkundram, the guideline value serves as a benchmark for determining the stamp duty and registration fees. It is essential for both buyers and sellers to be aware of the current guideline value to ensure accurate financial planning during the transaction process.

The guideline value is used by the registration authorities to calculate the applicable stamp duty and registration fees, ensuring that the transaction is compliant with local regulations. It is crucial for potential buyers and sellers to consult the latest guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of L.G.G.S. Colony?

The current guideline value of L.G.G.S. Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 182 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1,109% over the years.

What is the land classification of L.G.G.S. Colony?

L.G.G.S. Colony is classified as Residential Class IV Type - I.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated in L.G.G.S. Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.