Guideline Value for LIC Colony, 6th Cross Street,

LIC Colony, 6th Cross Street, guideline value

The current guideline value for LIC Colony, 6th 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, 6th Cross Street, has changed

The guideline value for LIC Colony, 6th Cross Street, has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,530 per sq.ft, which is an increase from Rs 2,300 per sq.ft in the 2023 revision. This change represents a 10% increase. Looking back further, the guideline value was Rs 1,541 per sq.ft in 2017, marking a significant increase of 49% to the 2023 figure. Overall, from 2017 to 2024, the guideline value has risen by 64%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Therefore, the only recorded revisions are from 2017, 2023, and 2024.

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

• LIC Colony 5th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 6th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony 5th Cross Street: Rs 2,530 per sq.ft (2024)
• LIC Colony, 7th Cross Street,: Rs 2,530 per sq.ft (2024)
• LIC Colony 4th Street: Rs 2,530 per sq.ft (2024)
• LIC Colony Extension: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in LIC Colony, 6th 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 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. Please note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LIC Colony, 6th Cross Street,?

The Sub Registrar Office that covers LIC Colony, 6th Cross 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 is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that the guideline value is set by the government and reflects the minimum value at which properties in the area are assessed.

When a property is sold, the guideline value ensures that the transaction is recorded accurately and that the appropriate taxes are collected. This helps maintain transparency in property transactions and ensures that both buyers and sellers are aware of their financial obligations.

Frequently asked questions

What is the current guideline value for LIC Colony, 6th Cross Street?

The current guideline value for LIC Colony, 6th Cross Street, is Rs 2,530 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,541 per sq.ft to Rs 2,530 per sq.ft in 2024, representing a total increase of 64% over this period.

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

Several other streets in Pammal have the same guideline value of Rs 2,530 per sq.ft, including LIC Colony 5th Street, LIC Colony 6th Street, LIC Colony 5th Cross Street, LIC Colony, 7th Cross Street, LIC Colony 4th Street, and LIC Colony Extension.

Where can I find the Sub Registrar Office for LIC Colony, 6th Cross Street?

The Sub Registrar Office for LIC Colony, 6th Cross Street, is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075. This office handles all registrations for the area.

How is stamp duty calculated for properties in Pammal?

Stamp duty for properties in Pammal is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.