Guideline Value for Lathip Colony 2nd Street

Lathip Colony 2nd Street guideline value

The current guideline value of Lathip Colony 2nd 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 2nd Street has changed

The guideline value for Lathip Colony 2nd Street has seen significant changes over the years. In the 2003 revision, the value was Rs 303 per sq.ft, which increased to Rs 600 per sq.ft in 2007. The 2012 revision saw a rise to Rs 4,000 per sq.ft, but this was followed by a decrease to Rs 2,680 per sq.ft in 2017. The value then increased to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1352%. The register does not have figures for the year 2002 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry 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, making the 2024 figure for Lathip Colony 2nd Street above this median.

• Lathip Colony 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be 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. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Lathip Colony 2nd Street?

The Sub Registrar Office covering Lathip Colony 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Zaminpallavaram, as it establishes a baseline for the value of properties in the area. When buying or selling property, this value is used to determine the applicable stamp duty and registration fees, ensuring that both parties are aware of the financial obligations involved in the transaction.

It is essential for buyers and sellers to understand that the guideline value may differ from the actual sale price. Therefore, it is advisable to consult the guideline value register to ensure compliance with local regulations and to accurately calculate the costs associated with property transactions.

Frequently asked questions

What is the current guideline value of Lathip Colony 2nd Street?

The current guideline value of Lathip Colony 2nd 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, marking an overall increase of 1352% over this period.

What is the land classification for Lathip Colony 2nd Street?

Lathip Colony 2nd Street is classified as Commercial Class I Type - III, indicating its suitability for commercial activities.

Where can I find the registration office for Lathip Colony 2nd Street?

The registration office for Lathip Colony 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in Lathip Colony 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.