Guideline Value for Logaiyya Colony 2nd Street

Logaiyya Colony 2nd Street guideline value

The current guideline value of Logaiyya Colony 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of Logaiyya Colony 2nd Street has changed

The guideline value for Logaiyya Colony 2nd Street has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 178%. However, the value then decreased to Rs 3,350 per sq.ft in 2017, representing a decline of 33%. The 2023 revision saw the value rise to Rs 5,000 per sq.ft, and the most recent 2024 revision has set it at Rs 5,500 per sq.ft, an increase of 10% from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 206%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Logaiyya Colony 2nd Street is above this median.

• Logaiyya Colony 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Logaiyya Colony 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Logaiyya Colony 1st Street: Rs 5,500 per sq.ft (2024)
• Logaiyya Colony 3rd Street: Rs 5,500 per sq.ft (2024)
• Logaiyya Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Logaiyya Colony 4th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Logaiyya Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Logaiyya Colony 2nd Street?

The Sub Registrar Office that covers Logaiyya Colony 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are collected. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value for Logaiyya Colony 2nd Street?

The current guideline value for Logaiyya Colony 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 206% over the years.

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

For a property of 1,000 sq.ft at the current guideline value, the total stamp duty and registration fees would amount to Rs 4,95,000, based on the guideline value of Rs 55,00,000.

Which office handles registrations for Logaiyya Colony 2nd Street?

The Virugambakkam Sub Registrar Office is responsible for handling registrations for Logaiyya Colony 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that the correct taxes are collected and the transaction is recorded accurately.