Guideline Value

Corporate

Guideline Value for L.I.C. Nagar 3rd Main Road

₹2200/sq.ft.

The guideline value for L.i.c. Nagar 3rd Main Road in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 2200 per sq.ft, effective 1 July 2024. It was Rs 2000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Residential Class II Type - I
History
Period Guideline Value
From 1-7-2024 ₹2200 /sq.ft.
From 1-4-2023 ₹2000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1340 /sq.ft.
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on L.i.c. Nagar 3rd Main Road

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L.I.C. Nagar 3rd Main Road guideline value

The current guideline value of L.I.C. Nagar 3rd Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of L.I.C. Nagar 3rd Main Road has changed

The guideline value for L.I.C. Nagar 3rd Main Road has seen several revisions over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, a total of 1823 streets are registered under the Velacheri SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for this area is Rs 2,750 per sq.ft, indicating that L.I.C. Nagar 3rd Main Road's 2024 figure is below the median.

Stamp duty and registration fee for property in L.I.C. Nagar 3rd 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 is 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 fees together to Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers L.I.C. Nagar 3rd Main Road?

The L.I.C. Nagar 3rd Main Road falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair valuation according to government standards.

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

Frequently asked questions

What is the current guideline value of L.I.C. Nagar 3rd Main Road?

The current guideline value of L.I.C. Nagar 3rd Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

From 2017 to 2023, the guideline value increased from Rs 1,340 per sq.ft to Rs 2,000 per sq.ft, which is a 49% increase. The most recent revision in 2024 further raised the value to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

What is the land classification of L.I.C. Nagar 3rd Main Road?

L.I.C. Nagar 3rd Main Road is classified as Residential Class II Type - I, which indicates its designation for residential use.

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

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 1,98,000.

Where can I find the Sub Registrar Office for L.I.C. Nagar 3rd Main Road?

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