Guideline Value for LIC Colony 4th Cross Street

LIC Colony 4th Cross Street guideline value

The current guideline value of LIC Colony 4th 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 4th Cross Street has changed

The guideline value for LIC Colony 4th Cross Street has seen significant changes over the years. Starting from Rs 199 per sq.ft in 2002, it increased to Rs 225 per sq.ft in 2003, marking a 13% rise. By 2007, the value surged to Rs 360 per sq.ft, which was a 60% increase from the previous revision. The 2017 revision showed a remarkable jump to Rs 1,541 per sq.ft, reflecting a 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 most recent revision in 2024 brought the guideline value to Rs 2,530 per sq.ft, which is a 10% increase from 2023.

It is important to note that the register has no figure for this street in the 2012 revision. 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 for these streets is Rs 2,090 per sq.ft, placing the 2024 guideline value of LIC Colony 4th Cross Street above this median.

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

Stamp duty and registration fee for property in LIC Colony 4th 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, and the registration fee at 2% would be Rs 50,600, bringing the total fees to Rs 2,27,700. Please note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers LIC Colony 4th Cross Street?

The Sub Registrar Office that covers LIC Colony 4th Cross Street is 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 is a crucial factor in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the minimum value of the property, which helps in calculating the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the sale price must be at least equal to the guideline value to ensure compliance with local regulations. This helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of LIC Colony 4th Cross Street?

The current guideline value of LIC Colony 4th 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 increased 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 this period.

What is the median guideline value of streets in Pammal?

The median guideline value of streets in Pammal is Rs 2,090 per sq.ft. The guideline value of LIC Colony 4th Cross Street is above this median.

What fees are associated with purchasing property in LIC Colony 4th Cross Street?

When purchasing property, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for LIC Colony 4th Cross Street located?

The Sub Registrar Office for LIC Colony 4th Cross Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.