Guideline Value for Lathip Colony 1st Street

Lathip Colony 1st Street guideline value

The current guideline value for Lathip Colony 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Commercial Class I Type - III.

How the guideline value of Lathip Colony 1st Street has changed

The guideline value for Lathip Colony 1st Street has seen significant changes over the years. In 2003, the guideline value was Rs 303 per sq.ft, which increased to Rs 600 per sq.ft in 2007, marking a substantial rise of 98%. By 2012, the value remained stable at Rs 4,000 per sq.ft, with no change noted until 2023. In 2023, the guideline value was again Rs 4,000 per sq.ft, but in 2024, it increased to Rs 4,400 per sq.ft, reflecting a 10% increase.

There are no figures available for the years 2017 and 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 1352%, showcasing the significant changes in property valuation over the years.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Lathip Colony 1st Street's current value above the median.

• Lathip Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• Lathip Colony 3rd Street: Rs 4,400 per sq.ft (2024)
• L.D.N. Chari Street: Rs 3,300 per sq.ft (2024)
• Lalbagadursasthri Colony Street: Rs 3,300 per sq.ft (2024)
• Lalbagadursasthri 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Lalbagadursasthri 2nd Cross 4th Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lathip Colony 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. Please 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 detailed calculations.

Which Sub Registrar Office covers Lathip Colony 1st Street?

The Sub Registrar Office that covers Lathip Colony 1st Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the property registration process in Zaminpallavaram. It is used to determine the stamp duty and registration fees when buying or selling property. The fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives due revenue from property transactions.

When registering a property, it is essential for buyers and sellers to be aware of the guideline value, as it directly impacts the overall cost of the transaction. Understanding these values helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Lathip Colony 1st Street?

The current guideline value of Lathip Colony 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 303 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1352% over this period.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles property registrations for Lathip Colony 1st Street?

The Pallavaram Sub Registrar Office handles property registrations for Lathip Colony 1st Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the stamp duty and registration fees during property transactions, ensuring compliance with government regulations.