Guideline Value for L.I.C. Nagar

L.I.C. Nagar guideline value

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

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

The guideline value for L.I.C. Nagar has seen several revisions over the years. The most recent revision, effective from 1 July 2024, sets the value at Rs 2,200 per sq.ft, which is an increase of 10% from the previous year's figure of Rs 2,000 per sq.ft established in 2023. Prior to these revisions, the register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline values for L.I.C. Nagar have increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. The historical data for earlier years is not available, as there are no recorded values for the mentioned years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft, and the median value is Rs 2,750 per sq.ft. L.I.C. Nagar's current guideline value is below this median.

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

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 charges to Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers L.I.C. Nagar 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the buyer is required to pay the stamp duty based on the higher amount between the guideline value and the actual sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value for L.I.C. Nagar increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. L.I.C. Nagar's current guideline value is below this median.

What are the stamp duty and registration fees for property in L.I.C. Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000. The stamp duty at 7% amounts to Rs 1,54,000, and the registration fee at 2% is Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations in L.I.C. Nagar?

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