Guideline Value for L.G.G.S.COLONY 2ND STREET

L.G.G.S.Colony 2nd Street guideline value

The current guideline value for L.G.G.S.Colony 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Vadaagaram village, under the Kodambakkam SRO, and is classified as Residential Class IV Type - III.

How the guideline value of L.G.G.S.Colony 2nd Street has changed

The guideline value for L.G.G.S.Colony 2nd Street has seen several revisions over the years. Starting from Rs 383 per sq.ft in 2002, it increased to Rs 424 per sq.ft in 2003, marking an 11% rise. The value then rose significantly to Rs 750 per sq.ft in 2007, a 77% increase. Following this, the value surged to Rs 3,000 per sq.ft in 2012, reflecting a substantial 300% increase. However, it dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value then climbed to Rs 3,000 per sq.ft in 2023, and finally reached Rs 3,300 per sq.ft in 2024, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 762%. There are no figures available for any revisions prior to 2002 or between the years listed.

Guideline values in Vadaagaram

In Vadaagaram, there are 78 streets under the Kodambakkam SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft, with a median value of Rs 6,600 per sq.ft. L.G.G.S.Colony 2nd Street's guideline value is below this median.

• Mariamman Koil Street: Rs 4,400 per sq.ft (2024)
• Kanniyappan Street: Rs 3,800 per sq.ft (2024)
• Kannappan Street: Rs 6,000 per sq.ft (2024)
• Muthu Irulandi Colony 1st Cross Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 1 St Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 2nd Cross Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in L.G.G.S.Colony 2nd Street

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, and the registration fee at 2% would be Rs 66,000, totaling 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.

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

Which Sub Registrar Office covers L.G.G.S.Colony 2nd Street?

The L.G.G.S.Colony 2nd Street falls under the jurisdiction of the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Vadaagaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are based on this value or the sale price, whichever is higher. This ensures transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of L.G.G.S.Colony 2nd Street?

The current guideline value of L.G.G.S.Colony 2nd Street 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 383 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 762% over the years.

What are the stamp duty and registration fees for property in L.G.G.S.Colony 2nd Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office is responsible for L.G.G.S.Colony 2nd Street?

The Kodambakkam Sub Registrar Office is responsible for L.G.G.S.Colony 2nd Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property and is essential in calculating the associated stamp duty and registration fees during property transactions in Vadaagaram.