Guideline Value for L.I.C. NAGAR 2ND STREET

L.I.C. Nagar 2nd Street guideline value

The current guideline value of L.I.C. Nagar 2nd 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 2nd Street has changed

The guideline value for L.I.C. Nagar 2nd Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2024, the value increased significantly to Rs 2,200 per sq.ft, marking a rise of 64%. Overall, from 2012 to 2024, there has been a slight increase of 10%.

The register has no figure for the years 2002, 2003, 2007, and 2023 for this street. Therefore, the only available revisions are from 2012, 2017, and 2024.

Guideline values in Pallikaranai

Pallikaranai has 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, with a median value of Rs 1,650 per sq.ft. The guideline value of L.I.C. Nagar 2nd Street is above this median.

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

Stamp duty and registration fee for property in L.I.C. Nagar 2nd 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 at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Please note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers L.I.C. Nagar 2nd Street?

The Sub Registrar Office that covers L.I.C. Nagar 2nd Street is 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 more details.

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

The guideline value is a crucial factor in the registration process for property transactions in Pallikaranai. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a benchmark. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of L.I.C. Nagar 2nd Street?

The current guideline value of L.I.C. Nagar 2nd 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024.

What is the land classification for L.I.C. Nagar 2nd Street?

The land classification for L.I.C. Nagar 2nd Street is Residential Class II Type - I.

What are the other streets with the same guideline value in Pallikaranai?

Other streets in Pallikaranai that share the same guideline value of Rs 2,200 per sq.ft include L.I.C.Nagar 3rd Main Road, L.I.C. Nagar 4th Street, L.I.C.Nagar 5th Street, and others.

Where can I find the Sub Registrar Office for L.I.C. Nagar 2nd Street?

The Sub Registrar Office for L.I.C. Nagar 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.