Guideline Value for LIC Colony 3rd Street

LIC Colony 3rd Street guideline value

The current guideline value of LIC Colony 3rd Street is Rs 2,530 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of LIC Colony 3rd Street has changed

The guideline value for LIC Colony 3rd 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 rose significantly to Rs 360 per sq.ft in 2007, reflecting a change of +53%. By 2017, the guideline value surged to Rs 1,541 per sq.ft, an increase of +328%. In 2023, the value was Rs 2,300 per sq.ft, which then rose by +10% to the current figure of Rs 2,530 per sq.ft in 2024. The register has no figure for this street in 2012.

Overall, from 2002 to 2024, the guideline value has increased by +1116%. The changes between the revisions highlight a consistent upward trend in the guideline value for LIC Colony 3rd Street.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO with 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, placing LIC Colony 3rd Street above this median at Rs 2,530 per sq.ft.

• LIC Colony 4th Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 3rd Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 4th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 2nd Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 5th Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony ,2nd Cross Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in LIC Colony 3rd 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, bringing the total to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LIC Colony 3rd Street?

The Sub Registrar Office that covers LIC Colony 3rd 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 is a crucial factor in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is considered to ensure that the appropriate fees are paid. Buyers and sellers must be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of LIC Colony 3rd 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 increased from Rs 208 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of +1116% over the years.

What is the land classification for LIC Colony 3rd Street?

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

What are the stamp duty and registration fees for a property in LIC Colony 3rd Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total costs would be Rs 2,27,700.

Where is the Sub Registrar Office for LIC Colony 3rd Street located?

The Sub Registrar Office for LIC Colony 3rd Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.