Guideline Value for LIC Colony 6th Street

LIC Colony 6th Street guideline value

The current guideline value of LIC Colony 6th 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 6th Street has changed

The guideline value for LIC Colony 6th Street has seen significant changes over the years. In 2002, the value was Rs 208 per sq.ft, which increased to Rs 236 per sq.ft in 2003. The subsequent revisions showed a steady rise, with the value reaching Rs 360 per sq.ft in 2007. By 2017, the guideline value had surged to Rs 1,541 per sq.ft, marking a notable increase of 328% from 2007. The 2023 revision set the value at Rs 2,300 per sq.ft, reflecting a 49% increase from the previous revision. The current guideline value of Rs 2,530 per sq.ft, effective from 2024, represents a 10% increase from 2023.

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 an impressive 1116%.

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 for these streets is Rs 2,090 per sq.ft, placing LIC Colony 6th Street above this median.

• LIC Colony, 7th Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony, 6th Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 5th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony Extension: 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)

Stamp duty and registration fee for property in LIC Colony 6th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value amounts to 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 cost for these fees 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers LIC Colony 6th Street?

The Sub Registrar Office that covers LIC Colony 6th 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 additional information.

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

The guideline value is a crucial factor in property transactions in Pammal. It serves as a reference point for determining the stamp duty and registration fees when buying or selling property. The authorities use this value to ensure that the correct fees are collected based on the property's worth.

When you register a property, the guideline value helps in assessing the legal and financial obligations associated with the transaction. It is essential for both buyers and sellers to be aware of the current guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of LIC Colony 6th Street?

The current guideline value of LIC Colony 6th 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, representing an overall increase of 1116%.

What is the stamp duty rate for properties in LIC Colony 6th Street?

The stamp duty rate for properties in LIC Colony 6th Street is 7% of the guideline value or the sale price, whichever is higher.

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.

What are the other streets in Pammal with the same guideline value?

Other streets in Pammal with the same guideline value of Rs 2,530 per sq.ft include LIC Colony, 7th Cross Street, LIC Colony, 6th Cross Street, LIC Colony 5th Street, LIC Colony Extension, LIC Colony 5th Cross Street, and LIC Colony 4th Street.