Guideline Value for Lathip Colony 3rd Street

Lathip Colony 3rd Street guideline value

The current guideline value of Lathip Colony 3rd 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 3rd Street has changed

Over the years, the guideline value of Lathip Colony 3rd Street has seen significant changes. The earliest recorded figure in the register is from 2003, where the guideline value was Rs 303 per sq.ft. This value increased to Rs 600 per sq.ft in 2007, marking a substantial rise of 98%. Following this, the value surged dramatically to Rs 4,000 per sq.ft in 2012, reflecting an increase of 567%. However, there was a decrease to Rs 2,680 per sq.ft in 2017, a drop of 33%. The guideline value then rose again to Rs 4,000 per sq.ft in 2023, showing a 49% increase, before reaching the current value of Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year.

The register has no figure for this street in 2002. Overall, from 2003 to 2024, the guideline value has increased by 1,352%.

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 guideline value for these streets is Rs 3,300 per sq.ft, making the current value of Lathip Colony 3rd Street above that median.

• Lathip Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• Lathip Colony 1st 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 3rd 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 amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be 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 the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Lathip Colony 3rd Street?

The Sub Registrar Office that covers Lathip Colony 3rd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 Zaminpallavaram

The guideline value is a critical figure used during the registration of property transactions in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the stamp duty and registration fees. This ensures that the transaction is recorded accurately and fairly in the official register.

Frequently asked questions

What is the current guideline value of Lathip Colony 3rd Street?

The current guideline value of Lathip Colony 3rd 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 1,352% over this period.

What is the land classification of Lathip Colony 3rd Street?

Lathip Colony 3rd Street is classified as Commercial Class I Type - III.

Where can I find the Sub Registrar Office for Lathip Colony 3rd Street?

The Sub Registrar Office for Lathip Colony 3rd Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for property transactions?

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