Guideline Value for Neelamegam Street /LIC Colony

Neelamegam Street /LIC Colony guideline value

The current guideline value of Neelamegam Street /LIC Colony is Rs 2,530 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class I Type - I.

How the guideline value of Neelamegam Street /LIC Colony has changed

The guideline value for Neelamegam Street /LIC Colony has seen significant changes over the years. In 2002, the value was Rs 188 per sq.ft, which increased to Rs 213 per sq.ft in 2003, marking a 13% rise. The value then rose to Rs 360 per sq.ft in 2007, reflecting a 69% increase. By 2017, the guideline value had surged to Rs 1,541 per sq.ft, representing a remarkable 328% increase from the previous revision. The 2023 revision set the value at Rs 2,300 per sq.ft, a 49% increase from 2017.

As of the latest revision in 2024, the guideline value stands at Rs 2,530 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has risen by 1246%. It is important to note that there is no figure available for the 2012 revision for this street.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft as of 2024. The median guideline value in this area is Rs 2,090 per sq.ft, making Neelamegam Street /LIC Colony's current value above that median.

• Neelakandan Street (P.N.)/ Ganapathy Nagar: Rs 1,870 per sq.ft (2024)
• Nedunchezian Street / Sholavaram Nagar: Rs 1,980 per sq.ft (2024)
• Nedunchalai Street, Cholavaram Nagar: Rs 1,980 per sq.ft (2024)
• Nehru Nagar: Rs 1,980 per sq.ft (2024)
• Navamani Street/Central Bank Colony: Rs 1,760 per sq.ft (2024)
• Nehru Nagar, 1st Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Neelamegam Street /LIC Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, while the registration fee at 2% would be Rs 50,600. Together, the total cost for duty and registration would be Rs 2,27,700. 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 Neelamegam Street /LIC Colony?

The Sub Registrar Office covering Neelamegam Street /LIC Colony is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 Pammal

The guideline value is an important factor in the registration process when buying or selling property in Pammal. 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 is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Neelamegam Street /LIC Colony?

The current guideline value of Neelamegam Street /LIC Colony is Rs 2,530 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2002?

Since 2002, the guideline value has increased from Rs 188 per sq.ft to Rs 2,530 per sq.ft in 2024, which is an overall increase of 1246%.

What was the guideline value in 2017?

The guideline value of Neelamegam Street /LIC Colony in 2017 was Rs 1,541 per sq.ft.

Which Sub Registrar Office handles registrations for this street?

The Pammal Sub Registrar Office handles registrations for Neelamegam Street /LIC Colony, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated for properties in Pammal?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current stamp duty rate is 7%, and the registration fee is 2% of the guideline value or sale price.