Guideline Value for L.I.C. Colony

L.I.C. Colony guideline value

The current guideline value of L.I.C. Colony, located in Chitlapakkam village under the Tambaram Joint 1 SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - III.

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

The guideline value for L.I.C. Colony has undergone several revisions over the years. The earliest recorded figure is from 2012, which was set at Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017. The value then increased to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 raised the guideline value to Rs 1,650 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007.

Between the revisions, significant changes were observed. From 2017 to 2023, the value increased by 49%. However, there was a 33% decrease from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the current guideline value of L.I.C. Colony.

• Lenin Street: Rs 3,300 per sq.ft (2024)
• Lenin Cross Street: Rs 1,650 per sq.ft (2024)
• Lalbagadur Sastri Street: Rs 1,650 per sq.ft (2024)
• Lolpagathur sarashvathiri street: Rs 1,650 per sq.ft (2024)
• Lord venkateshvara nagar: Rs 1,650 per sq.ft (2024)
• Lottus Avenue: Rs 1,650 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

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

The L.I.C. Colony is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Chitlapakkam

The guideline value is a crucial factor during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the registration process is transparent and standardized across the region.

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 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for L.I.C. Colony?

L.I.C. Colony is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in L.I.C. Colony?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a plot of 1,000 sq.ft, the total cost would be Rs 1,48,500.

Where is the Tambaram Joint 1 Sub Registrar Office located?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.