Guideline Value

Corporate

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

₹2200/sq.ft.

The guideline value for L.i.c. Nagar 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 Main Road

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L.I.C. Nagar Main Road guideline value

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

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

The guideline value for L.I.C. Nagar Main Road has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 has raised the value further to 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, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. L.I.C. Nagar Main Road's 2024 guideline value is below this median.

Stamp duty and registration fee for property in L.I.C. Nagar 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, while the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to 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.

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

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

The Sub Registrar Office that covers L.I.C. Nagar Main Road is 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 details.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property transaction occurs, the guideline value ensures that the transaction is recorded accurately and reflects the value of the property. This helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

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

The current guideline value of L.I.C. Nagar Main Road 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 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023, and then to Rs 2,200 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have a guideline value of Rs 2,200 per sq.ft as of 2024. These include L.I.C. Nagar 4th Street, L.I.C. Nagar 4th Main Road, L.I.C. Nagar 3rd Street, L.I.C. Nagar 3rd Main Road, L.I.C. Nagar 2nd Street, and L.I.C. Nagar 2nd Main Road.

What fees are associated with buying property in L.I.C. Nagar Main Road?

When buying property in L.I.C. Nagar Main Road, the stamp duty is charged at 7% of the guideline value, and the registration fee is charged at 2%. For example, on a 1,000 sq.ft plot, the total fees would amount to Rs 1,98,000.

Where is the Sub Registrar Office located for L.I.C. Nagar Main Road?

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