Guideline Value for LIC Colony 5th Cross Street

LIC Colony 5th Cross Street guideline value

The current guideline value of LIC Colony 5th 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 5th Cross Street has changed

The guideline value for LIC Colony 5th Cross Street has undergone several revisions over the years. In 2002, the guideline 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, representing a 60% increase. By 2017, the value had surged to Rs 1,541 per sq.ft, reflecting a remarkable 328% increase. The 2023 revision set the value at Rs 2,300 per sq.ft, which was a 49% increase from the previous revision. The current 2024 revision has further increased the value to Rs 2,530 per sq.ft, a 10% rise from 2023.

It is important to note that there are no figures 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, with a median value of Rs 2,090 per sq.ft. The guideline value for LIC Colony 5th Cross Street is above this median.

• LIC Colony 4th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 5th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 4th Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony, 6th Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 3rd Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 6th Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in LIC Colony 5th 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 to 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.

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

Which Sub Registrar Office covers LIC Colony 5th Cross Street?

LIC Colony 5th Cross Street falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Pammal

The guideline value is a crucial factor when registering property transactions in Pammal. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded accurately in the official register.

When you buy or sell property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs associated with the transaction. These fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of LIC Colony 5th Cross Street?

The current guideline value of LIC Colony 5th 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 over the years, from Rs 199 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, marking an overall increase of 1171%.

What is the land classification for LIC Colony 5th Cross Street?

LIC Colony 5th Cross Street is classified as Residential Class I Type - I.

Where can I find the Pammal Sub Registrar Office?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in LIC Colony 5th Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000.