Guideline Value for LIC Colony 2nd Street

LIC Colony 2nd Street guideline value

The current guideline value of LIC Colony 2nd Street is Rs 2,530 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the jurisdiction of the Pammal SRO, and is classified as Residential Class I Type - I.

How the guideline value of LIC Colony 2nd Street has changed

The guideline value for LIC Colony 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 208 per sq.ft, which increased to Rs 236 per sq.ft in 2003, marking a change of +13%. The value then saw a significant rise to Rs 360 per sq.ft in 2007, a change of +53%. Following this, the 2017 revision set the value at Rs 1,541 per sq.ft, representing a substantial increase of +328%. The most recent revision in 2023 brought the value to Rs 2,300 per sq.ft, which was a +49% change from 2017. Finally, the current value of Rs 2,530 per sq.ft reflects a +10% increase from the 2023 revision.

It is important to note that there is no figure available for LIC Colony 2nd Street in the 2012 revision.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing LIC Colony 2nd Street's 2024 figure above this median.

• LIC Colony, 2nd Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 3rd Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 1st Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 3rd Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 1st Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 4th Cross Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in LIC Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value amounts to Rs 25,30,000. The stamp duty at 7% would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total fees together to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers LIC Colony 2nd Street?

The Sub Registrar Office that covers LIC Colony 2nd Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Pammal. When buying or selling a property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the government collects appropriate taxes based on the value of the property being transacted.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall costs associated with property registration. Accurate knowledge of these values can help in budgeting for the transaction.

Frequently asked questions

What is the current guideline value of LIC Colony 2nd Street?

The current guideline value of LIC Colony 2nd Street is Rs 2,530 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 208 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, marking an overall increase of +1116% over the years.

What is the land classification for LIC Colony 2nd Street?

LIC Colony 2nd Street is classified as Residential Class I Type - I, which indicates its suitability for residential purposes.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 2,27,700.