Guideline Value for Logaiyya Colony 5th Street

Logaiyya Colony 5th Street guideline value

The current guideline value for Logaiyya Colony 5th 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 5th Street has changed

The guideline value for Logaiyya Colony 5th Street has undergone several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, this value dropped to Rs 3,350 per sq.ft in 2017. The 2023 revision saw a rise to Rs 5,000 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 5,500 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2007 to 2024, the overall increase in the guideline value is 206%. The change from 2012 to 2017 was a decrease of 33%, while the value rose by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO with the 2024 guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for the area is Rs 4,400 per sq.ft, making the 2024 value for Logaiyya Colony 5th Street above this median.

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

Stamp duty and registration fee for property in Logaiyya Colony 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be 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 the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Logaiyya Colony 5th Street?

The Sub Registrar Office that covers Logaiyya Colony 5th 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 the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are documented accurately.

When a buyer purchases a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value for Logaiyya Colony 5th Street?

The current guideline value for Logaiyya Colony 5th 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 this period.

What are the stamp duty and registration fees for property in Logaiyya Colony 5th Street?

The stamp duty is calculated at 7% of the guideline value, while 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 office handles property registration for Logaiyya Colony 5th Street?

The Virugambakkam Sub Registrar Office handles property registration for Logaiyya Colony 5th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Logaiyya Colony 5th Street?

The land classification for Logaiyya Colony 5th Street is Residential Special Type - III, indicating its designated use for residential purposes.