Guideline Value for Logaiyya Colony 3rd Street

Logaiyya Colony 3rd Street guideline value

The current guideline value of Logaiyya Colony 3rd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO and is classified as Residential Special Type - III.

How the guideline value of Logaiyya Colony 3rd Street has changed

The guideline value for Logaiyya Colony 3rd Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in the 2012 revision. However, there was a decrease to Rs 3,350 per sq.ft in the 2017 revision. Following this, the value rose to Rs 5,000 per sq.ft in the 2023 revision, and currently stands at Rs 5,500 per sq.ft from the 2024 revision. The register has no figure for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%, while from 2012 to 2017, it decreased by 33%. The jump from 2007 to 2012 was a remarkable 178%. Overall, from 2007 to 2024, there has been an increase of 206% in the guideline value.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a guideline value for 2024, 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 3rd Street is above this median.

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

Stamp duty and registration fee for property in Logaiyya Colony 3rd 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, leading to a total of Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Logaiyya Colony 3rd Street?

The Sub Registrar Office that covers Logaiyya Colony 3rd 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 information.

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

The guideline value is a crucial factor in property transactions in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. This value is used to ensure that the government collects the appropriate taxes on property transactions.

When buying or selling a property, it is essential to be aware of the guideline value as it can affect the overall cost of the transaction. Buyers should consider this value to understand the financial implications of their purchase.

Frequently asked questions

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

The current guideline value of Logaiyya Colony 3rd 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 is the land classification for Logaiyya Colony 3rd Street?

Logaiyya Colony 3rd Street is classified as Residential Special Type - III.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 55,00,000, the total fees would amount to Rs 4,95,000.

Which Sub Registrar Office is responsible for this street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, is responsible for Logaiyya Colony 3rd Street.