Guideline Value for L.I.C. COLONY

L.I.C. Colony guideline value

The current guideline value of L.I.C. Colony, located in Thiruvanmiyur village, is Rs 9,900 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of L.I.C. Colony has changed

The guideline value for L.I.C. Colony has seen significant changes over the years. In 2002, the value was Rs 1,096 per sq.ft, which increased to Rs 1,213 per sq.ft in 2003, marking an 11% rise. By 2007, the value surged to Rs 1,800 per sq.ft, reflecting a 48% increase. The next revision in 2012 saw a decrease to Rs 9,000 per sq.ft, a drop of 33%. However, the value rebounded to Rs 6,030 per sq.ft in 2017, a substantial increase of 49%. The most recent revision in 2023 set the value at Rs 9,000 per sq.ft, followed by the current figure of Rs 9,900 per sq.ft in 2024, showing a 10% increase.

There are no figures available in the register for the years not mentioned. Overall, from 2002 to 2024, the guideline value has increased by 803%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median guideline value is Rs 9,900 per sq.ft, which matches the current value for L.I.C. Colony.

• L.I.C.Colony 1st Cross Street: Rs 9,900 per sq.ft (2024)
• L.I.C.Colony 2nd Cross Street: Rs 9,900 per sq.ft (2024)
• L.I.C.Colony 3rd Cross Street: Rs 9,900 per sq.ft (2024)
• L.I.C.Colony 4th Cross Street: Rs 9,900 per sq.ft (2024)
• L.I.C.Colony 5th Cross Street: Rs 9,900 per sq.ft (2024)
• L.I.C.Colony Extension: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in L.I.C. Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, making the total charges Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers L.I.C. Colony?

The L.I.C. Colony falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thiruvanmiyur. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these charges are calculated based on the official rates set by the government.

When engaging in property transactions, it is essential to be aware of the guideline value, as it influences the overall costs involved in the registration process. Buyers and sellers should always refer to the latest figures to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of L.I.C. Colony?

The current guideline value of L.I.C. Colony is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,096 per sq.ft in 2002 to Rs 9,900 per sq.ft in 2024, reflecting an overall increase of 803% across the years.

What is the stamp duty rate for property in L.I.C. Colony?

The stamp duty rate for property in L.I.C. Colony is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for L.I.C. Colony located?

The Sub Registrar Office for L.I.C. Colony is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It serves as a reference point for determining the official rates set by the government.