Guideline Value for LIC Colony 7th Street

LIC Colony 7th Street guideline value

The current guideline value of LIC Colony 7th Street is Rs 2,530 per sq.ft, effective from 1 July 2024. This street is located in Anakaputhur village under the Pammal SRO, classified as Commercial Class I Type - II.

How the guideline value of LIC Colony 7th Street has changed

The guideline value for LIC Colony 7th Street has seen significant changes over the years. In 2003, the value was Rs 220 per sq.ft, which increased to Rs 425 per sq.ft in 2007, marking a 93% rise. The 2017 revision saw the value jump to Rs 1,541 per sq.ft, reflecting a substantial increase of 263%. By 2023, the value reached Rs 2,300 per sq.ft, a 49% increase from the previous revision. The most recent revision in 2024 set the guideline value at Rs 2,530 per sq.ft, which is a 10% increase from 2023.

There are no figures available for the years 2002 and 2012 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 1050%.

Guideline values in Anakaputhur

In Anakaputhur, there are 501 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 4,640 per sq.ft, with a median value of Rs 1,980 per sq.ft. The guideline value of LIC Colony 7th Street is above this median.

• L.I.C Colony Kothandapani Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 6th Street: Rs 2,530 per sq.ft (2024)
• L.I.C Colony Meelamegam Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 5th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 4th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 3rd Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in LIC Colony 7th 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, totaling 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 more details.

Which Sub Registrar Office covers LIC Colony 7th Street?

The LIC Colony 7th Street is covered by 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 Anakaputhur

The guideline value plays a crucial role in property transactions in Anakaputhur. It is used to determine the stamp duty and registration fees that are payable during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is often used as a benchmark for the transaction. It helps in assessing the appropriate fees and taxes that must be paid, ensuring that the process is transparent and standardized.

Frequently asked questions

What is the current guideline value of LIC Colony 7th Street?

The current guideline value of LIC Colony 7th Street is Rs 2,530 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, with an increase of 1050% from Rs 220 in 2003 to Rs 2,530 in 2024. Each revision has shown substantial percentage increases.

What is the land classification for LIC Colony 7th Street?

LIC Colony 7th Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for properties in LIC Colony 7th Street?

For a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100 and the registration fee would be Rs 50,600, totaling Rs 2,27,700.

Which office handles registrations for LIC Colony 7th Street?

The Pammal Sub Registrar Office handles registrations for LIC Colony 7th Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.