Guideline Value for JEEVAN BHIMA NAGAR (LIC FLATS)

Jeevan Bhima Nagar (Lic Flats) guideline value

The current guideline value of Jeevan Bhima Nagar (Lic Flats) is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is located in Padi village under the Villivakkam SRO, classified as Residential Class II Type - III.

How the guideline value of Jeevan Bhima Nagar (Lic Flats) has changed

The guideline value has seen several revisions over the years. In 2002, the value was Rs 670 per sq.ft, which increased to Rs 845 per sq.ft in 2003, marking a 26% rise. The value then saw a modest increase of 1% to Rs 850 per sq.ft in 2007. The next revision in 2012 set the value at Rs 6,000 per sq.ft, reflecting a significant increase of 606% from the previous value. However, this figure was reduced by 33% to Rs 4,020 per sq.ft in 2017.

In 2023, the guideline value rose to Rs 6,000 per sq.ft, and in 2024, it further increased to Rs 6,600 per sq.ft, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 885%.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO carrying a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. The guideline value of Jeevan Bhima Nagar (Lic Flats) is above this median.

• Jawaharlal Nehru Road (7th Avenue): Rs 13,100 per sq.ft (2024)
• KAILASANATHAR KOIL STREET (Koil Land): Rs 5,400 per sq.ft (2024)
• Kailash Colony (North Main Road): Rs 12,000 per sq.ft (2024)
• Kalaivanar Colony: Rs 2,200 per sq.ft (2024)
• KALAIVANAR COLONY 1st STREET: Rs 2,200 per sq.ft (2024)
• KALAIVANAR COLONY 2nd STREET: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jeevan Bhima Nagar (Lic Flats)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, resulting in a total cost of Rs 5,94,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Jeevan Bhima Nagar (Lic Flats)?

The Sub Registrar Office covering Jeevan Bhima Nagar (Lic Flats) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Padi. It is used to determine the applicable stamp duty and registration fees that buyers and sellers must pay when completing a property transaction.

When a property is sold, the guideline value is referenced to ensure that the transaction is recorded at a fair value. This helps maintain transparency and compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Jeevan Bhima Nagar (Lic Flats)?

The current guideline value of Jeevan Bhima Nagar (Lic Flats) is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 670 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, representing an overall increase of 885%.

What are the stamp duty and registration fees for properties in Jeevan Bhima Nagar (Lic Flats)?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office covers Jeevan Bhima Nagar (Lic Flats)?

The Villivakkam Sub Registrar Office covers Jeevan Bhima Nagar (Lic Flats), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Jeevan Bhima Nagar (Lic Flats)?

Jeevan Bhima Nagar (Lic Flats) is classified as Residential Class II Type - III.