Guideline Value for LIC Colony Extension

LIC Colony Extension guideline value

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

How the guideline value of LIC Colony Extension has changed

The guideline value for LIC Colony Extension has seen significant changes over the years. Starting from Rs 188 per sq.ft in 2002, the value increased to Rs 231 per sq.ft in 2003, marking a 23% rise. The value then saw a substantial increase to Rs 360 per sq.ft in 2007, which was a 56% increase. Following this, the value surged dramatically to Rs 1,541 per sq.ft in 2017, reflecting a 328% increase. The next revision in 2023 set the value at Rs 2,300 per sq.ft, a 49% increase from the previous figure. The most recent revision in 2024 has established the current guideline value at Rs 2,530 per sq.ft, representing a 10% increase from 2023.

It is important to note that the register has no figure for the year 2012 for this street. Overall, from 2002 to 2024, the guideline value has increased by an impressive 1246%.

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 Extension's 2024 figure above that median.

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

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 fees together 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.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LIC Colony Extension?

LIC Colony Extension 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 further assistance.

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

The guideline value is a critical factor in the registration process when buying or selling property in Pammal. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When a property transaction occurs, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency and compliance with legal requirements during the transfer of property ownership.

Frequently asked questions

What is the current guideline value for LIC Colony Extension?

The current guideline value for LIC Colony Extension 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 188 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, marking an overall increase of 1246% over this period.

What is the stamp duty rate for property in LIC Colony Extension?

The stamp duty rate for property transactions in LIC Colony Extension is 7% of the guideline value or the sale price, whichever is higher.

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 guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions, ensuring that these costs are based on the official valuation of the property.