Guideline Value for LIC Colony ,2nd Cross Street

LIC Colony ,2nd Cross Street guideline value

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

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

The guideline value for LIC Colony ,2nd Cross Street has seen significant changes over the years. In 2002, the value was Rs 199 per sq.ft, which increased to Rs 225 per sq.ft in 2003, marking a 13% rise. By 2007, the value had further increased to Rs 360 per sq.ft, reflecting a 60% change. The 2017 revision brought the value to Rs 1,541 per sq.ft, representing a substantial increase of 328%. In 2023, the value was Rs 2,300 per sq.ft, which was a 49% increase from the previous revision. The current value of Rs 2,530 per sq.ft in 2024 shows a 10% rise from 2023.

It is important to note that there is no figure available for this street in the 2012 revision. Overall, from 2002 to 2024, the guideline value has increased by 1,171%.

Guideline values in Pammal

Pammal village has a total of 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, making the current value of LIC Colony ,2nd Cross Street above the median.

• LIC Colony 1st Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 2nd Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 1st Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 3rd Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 3rd 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 Cross 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, making the total fees together Rs 2,27,700. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers LIC Colony ,2nd Cross Street?

The Sub Registrar Office that covers LIC Colony ,2nd Cross 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 when buying or selling property in Pammal. It serves as a benchmark for determining the minimum value of the property for registration purposes. Buyers and sellers must be aware that the guideline value will influence the stamp duty and registration fees applicable during the transaction.

When registering a property, it is essential to ensure that the sale price is at least equal to the guideline value. If the sale price is lower, the higher guideline value will be used to calculate the applicable fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of LIC Colony ,2nd Cross Street is Rs 2,530 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 199 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, which is an overall increase of 1,171%.

What is the median guideline value for streets in Pammal?

The median guideline value for the 926 streets in Pammal is Rs 2,090 per sq.ft, with LIC Colony ,2nd Cross Street's value being above this median.

What are the stamp duty and registration fees for property in LIC Colony ,2nd Cross Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 25,30,000. The stamp duty at 7% is Rs 1,77,100, and the registration fee at 2% is Rs 50,600, totaling Rs 2,27,700.

Which office handles the registration for LIC Colony ,2nd Cross Street?

The Pammal Sub Registrar Office handles the registration for LIC Colony ,2nd Cross Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.