Guideline Value for LIC Colony 5th Street

LIC Colony 5th Street guideline value

The current guideline value for LIC Colony 5th Street in Pammal village, under the Pammal SRO, is Rs 2,530 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of LIC Colony 5th Street has changed

The guideline value for LIC Colony 5th Street has undergone several revisions over the years. In 2002, the guideline value was Rs 208 per sq.ft. This 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, which was a +53% increase. By 2017, the guideline value had reached Rs 1,541 per sq.ft, reflecting a substantial increase of +328%. The most recent revision before 2024 saw the value rise to Rs 2,300 per sq.ft in 2023, which was a +49% change. The current guideline value is Rs 2,530 per sq.ft for 2024, representing a +10% increase from the previous year.

It is important to note that the register has no figure for LIC Colony 5th Street for the year 2012. Overall, from 2002 to 2024, the guideline value has increased by +1116%.

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 guideline value in this area is Rs 2,090 per sq.ft, placing LIC Colony 5th Street's 2024 figure above that median.

• LIC Colony, 6th Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 5th Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 4th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 6th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony, 7th Cross 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 5th 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 be 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 duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers LIC Colony 5th Street?

The Sub Registrar Office that covers LIC Colony 5th 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 process when buying or selling property in Pammal. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value for LIC Colony 5th 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 208 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of +1116%.

What is the median guideline value in Pammal?

The median guideline value in Pammal is Rs 2,090 per sq.ft, with LIC Colony 5th Street's value being above this median.

What are the stamp duty and registration fees for property in LIC Colony 5th Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 25,30,000, with stamp duty at Rs 1,77,100 and registration fee at Rs 50,600, totaling Rs 2,27,700.

Where is the Sub Registrar Office for LIC Colony 5th Street located?

The Sub Registrar Office for LIC Colony 5th Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.