Guideline Value for Thiruneermalai Salai/LIC Colony Part

Thiruneermalai Salai/LIC Colony Part guideline value

The current guideline value for Thiruneermalai Salai/LIC Colony Part is Rs 2,530 per sq.ft, effective from 1 July 2024. This area is located in Pammal village and falls under the Pammal SRO with a land classification of Residential Class I Type - I.

How the guideline value of Thiruneermalai Salai/LIC Colony Part has changed

The guideline value for Thiruneermalai Salai/LIC Colony Part has seen significant changes over the years. In 2002, the guideline value was Rs 227 per sq.ft, which increased to Rs 257 per sq.ft in 2003, marking a 13% rise. The value then rose to Rs 500 per sq.ft in 2007, reflecting a substantial increase of 95%. By 2017, the value jumped to Rs 1,541 per sq.ft, representing a remarkable growth of 208%. The most recent revision in 2023 set the value at Rs 2,300 per sq.ft, which was a 49% increase from the previous figure.

The current guideline value is Rs 2,530 per sq.ft as of the 2024 revision, which is a 10% increase from the 2023 figure. The register does not have a figure for this street for the year 2012.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with 2024 guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, and Thiruneermalai Salai/LIC Colony Part's 2024 figure is above this median.

• Thiruneermalai Salai / Nagalkeni: Rs 3,300 per sq.ft (2024)
• Thiruneermalai Main Road, Thiru Nagar: Rs 3,300 per sq.ft (2024)
• Thiruneermalai Main Road, Nagelkeni: Rs 3,300 per sq.ft (2024)
• Thiruneermalai Main Road, Moovendhar Nagar: Rs 2,200 per sq.ft (2024)
• Thirupoor Kumaran Street, Dr. Ambedhkar Nagar: Rs 1,980 per sq.ft (2024)
• Thirupur Kumaran Street / Mungil Lake: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Thiruneermalai Salai/LIC Colony Part

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value amounts to Rs 25,30,000. The stamp duty, calculated at 7%, would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thiruneermalai Salai/LIC Colony Part?

The Thiruneermalai Salai/LIC Colony Part is covered by the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor in the registration process of property transactions in Pammal. 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 helps both parties understand the value assigned to the property by the government. This value is crucial during the registration process, as it influences the total costs involved in the transaction.

Frequently asked questions

What is the current guideline value for Thiruneermalai Salai/LIC Colony Part?

The current guideline value for Thiruneermalai Salai/LIC Colony Part is Rs 2,530 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 227 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of 1015% over the years.

What is the median guideline value for streets in Pammal?

The median guideline value for streets in Pammal is Rs 2,090 per sq.ft, with Thiruneermalai Salai/LIC Colony Part's value being above this median.

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total cost of Rs 2,27,700 in fees.

Where can I find the Sub Registrar Office for Thiruneermalai Salai/LIC Colony Part?

The Sub Registrar Office covering Thiruneermalai Salai/LIC Colony Part is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075. You can find more details by visiting the provided link.