Guideline Value for L.I.C. Nagar 1st Main Road

L.I.C. Nagar 1st Main Road guideline value

The current guideline value of L.I.C. Nagar 1st Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road is located in Madipakkam-1 village, under the Velacheri SRO, and falls under the Residential Class II Type - I land classification.

How the guideline value of L.I.C. Nagar 1st Main Road has changed

The guideline value for L.I.C. Nagar 1st Main Road has seen several revisions over the years. The register does not provide figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, which was then increased by 10% to Rs 2,200 per sq.ft in the 2024 revision.

This increase reflects a change from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. The current rate is also below the median guideline value of Rs 2,750 per sq.ft for the 1,823 streets in Madipakkam-1 under the Velacheri SRO.

Guideline values in Madipakkam-1

The guideline values for properties in Madipakkam-1 range from Rs 1,650 to Rs 5,500 per sq.ft, with the median being Rs 2,750 per sq.ft. L.I.C. Nagar 1st Main Road's 2024 figure of Rs 2,200 per sq.ft is below this median. Here are some other streets in Madipakkam-1:

• L.I.C. Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar 2nd Street: 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 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in L.I.C. Nagar 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers L.I.C. Nagar 1st Main Road?

The L.I.C. Nagar 1st Main Road falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

When buying or selling property in Madipakkam-1, the guideline value is a crucial factor used during the registration process. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

The guideline value ensures that the property is registered at a fair value, which helps in maintaining transparency in real estate transactions. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of L.I.C. Nagar 1st Main Road?

The current guideline value of L.I.C. Nagar 1st Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

Recently, the guideline value changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

What is the land classification for L.I.C. Nagar 1st Main Road?

L.I.C. Nagar 1st Main Road is classified as Residential Class II Type - I.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in L.I.C. Nagar 1st Main Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.