Guideline Value for L.I.C. NAGAR /ALL STREET /MAIN ROADS /CROSS STREET

L.I.C. Nagar /All Street /Main Roads /Cross Street guideline value

The current guideline value for L.I.C. Nagar /All Street /Main Roads /Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of L.I.C. Nagar /All Street /Main Roads /Cross Street has changed

Over the years, the guideline value for L.I.C. Nagar /All Street /Main Roads /Cross Street has undergone several revisions. The 2007 revision set the value at Rs 900 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a 122% increase. However, the value saw a decrease of 33% in the 2017 revision, bringing it down to Rs 1,340 per sq.ft. The most recent revision in 2024 has raised the guideline value to Rs 2,200 per sq.ft, reflecting a 64% increase from 2017.

It is important to note that there were no figures available for the years 2023, 2003, and 2002 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 144%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing L.I.C. Nagar /All Street /Main Roads /Cross Street above this median.

• L.I.C.Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar 3rd Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• L.I.C.Colony Ist Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in L.I.C. Nagar /All Street /Main Roads /Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, amounting to Rs 1,54,000, and the registration fee is 2%, which totals Rs 44,000. Therefore, the combined total for stamp duty and registration fee is Rs 1,98,000. 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 further calculations.

Which Sub Registrar Office covers L.I.C. Nagar /All Street /Main Roads /Cross Street?

The Sub Registrar Office that covers L.I.C. Nagar /All Street /Main Roads /Cross Street is the Chennai South Joint I Sub Registrar Office. The address is Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for L.I.C. Nagar /All Street /Main Roads /Cross Street?

The current guideline value for L.I.C. Nagar /All Street /Main Roads /Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting a 144% increase over this period.

What are the stamp duty and registration fees for property in this area?

The stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would be Rs 1,98,000.

Which office handles property registration in this area?

The Chennai South Joint I Sub Registrar Office handles property registration for L.I.C. Nagar /All Street /Main Roads /Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification for L.I.C. Nagar /All Street /Main Roads /Cross Street?

The land classification for L.I.C. Nagar /All Street /Main Roads /Cross Street is Residential Class II Type - I.