Guideline Value for LIC Colony 1st Cross Street

LIC Colony 1st Cross Street guideline value

The current guideline value of LIC Colony 1st 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 1st Cross Street has changed

The guideline value for LIC Colony 1st Cross Street has undergone several revisions 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. The value saw a significant jump to Rs 360 per sq.ft in 2007, reflecting a 60% increase from the previous revision. By 2017, the guideline value reached Rs 1,541 per sq.ft, which was a substantial 328% increase from 2007. The next revision in 2023 set the value at Rs 2,300 per sq.ft, a 49% increase from 2017. The latest revision in 2024 has raised the value to Rs 2,530 per sq.ft, showing a 10% increase from the previous year.

It is important to note that the register does not have a figure for this street for the year 2012. Overall, from 2002 to 2024, the guideline value has increased by 1171%.

Guideline values in Pammal

In Pammal village, 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 1st Cross Street above this median.

• LIC Colony 1st Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 2nd Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 2nd 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 1st 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 cost for these fees 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 detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LIC Colony 1st Cross Street?

The LIC Colony 1st Cross Street falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 during property transactions in Pammal. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers must be aware that these fees are calculated based on the higher of the guideline value or the sale price of the property.

When registering a property, the guideline value ensures that the transaction is documented at a fair value, which helps maintain transparency in the real estate market. This is essential for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of LIC Colony 1st Cross Street?

The current guideline value of LIC Colony 1st Cross 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 seen significant increases from Rs 199 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of 1171% over the years.

What are the stamp duty and registration fees for this property?

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

Which office handles registrations for LIC Colony 1st Cross Street?

The Pammal Sub Registrar Office handles registrations for LIC Colony 1st Cross Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the significance of the guideline value in property transactions?

The guideline value is essential for determining the stamp duty and registration fees during property transactions, ensuring that transactions are documented at a fair value for transparency in the real estate market.