Guideline Value for LIC Colony 3rd Cross Street

LIC Colony 3rd Cross Street guideline value

The current guideline value of LIC Colony 3rd 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 3rd Cross Street has changed

The guideline value for LIC Colony 3rd Cross Street has undergone several revisions over the years. In 2002, the value was Rs 199 per sq.ft, which increased to Rs 333 per sq.ft in 2003, marking a 67% rise. By 2007, the value further increased to Rs 360 per sq.ft, reflecting an 8% change. The next revision in 2017 saw a significant jump to Rs 1,541 per sq.ft, which was an increase of 328%. In 2023, the guideline value rose to Rs 2,300 per sq.ft, representing a 49% increase. The most recent revision in 2024 has set the value at Rs 2,530 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there is no figure available for the 2012 revision for this street. Overall, from 2002 to 2024, the guideline value has increased by 1171%.

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 value is Rs 2,090 per sq.ft, and LIC Colony 3rd Cross Street's 2024 figure is above this median.

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

Stamp duty and registration fee for property in LIC Colony 3rd 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 would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, while the registration fee at 2% would be Rs 50,600. Together, the total cost for stamp duty and registration would be 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 3rd Cross Street?

The Sub Registrar Office that covers LIC Colony 3rd 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 in the registration of property transactions in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two is used to calculate the applicable stamp duty and registration fees, which are essential for completing the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of LIC Colony 3rd Cross Street?

The current guideline value of LIC Colony 3rd 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 changed significantly 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 is the land classification of LIC Colony 3rd Cross Street?

LIC Colony 3rd Cross Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

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 is stamp duty calculated for properties in LIC Colony 3rd Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100 at 7%.