Guideline Value for L.I.C.COLONY 1ST CROSS STREET

L.I.C.Colony 1st Cross Street guideline value

The current guideline value of L.I.C.Colony 1st Cross Street is Rs 9,900 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of L.I.C.Colony 1st Cross Street has changed

The guideline value for L.I.C.Colony 1st Cross Street has undergone several revisions over the years. In 2012, the guideline value was Rs 9,000 per sq.ft, which decreased to Rs 6,030 per sq.ft in 2017. Following this, there was a significant increase to Rs 9,000 per sq.ft in 2023, and the latest revision in 2024 saw it rise to Rs 9,900 per sq.ft. The changes between these revisions include a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median guideline value for these streets is Rs 9,900 per sq.ft, which is equal to the current figure for L.I.C.Colony 1st Cross Street.

• L.I.C. Colony: Rs 9,900 per sq.ft (2024)
• L.I.C.Colony 2nd Cross Street: Rs 9,900 per sq.ft (2024)
• L.I.C.Colony 3rd Cross Street: Rs 9,900 per sq.ft (2024)
• L.I.C.Colony 4th Cross Street: Rs 9,900 per sq.ft (2024)
• L.I.C.Colony 5th Cross Street: Rs 9,900 per sq.ft (2024)
• L.I.C.Colony Extension: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in L.I.C.Colony 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, making the total cost for these fees Rs 8,91,000. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers L.I.C.Colony 1st Cross Street?

The Sub Registrar Office that covers L.I.C.Colony 1st Cross 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, Chennai registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Thiruvanmiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When you register a property, the guideline value is used to calculate the applicable fees, ensuring that both buyers and sellers are aware of the financial implications involved in the transaction. It is essential to be informed about the current guideline value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value for L.I.C.Colony 1st Cross Street?

The current guideline value for L.I.C.Colony 1st Cross Street is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 9,000 per sq.ft in 2012 to Rs 6,030 per sq.ft in 2017, then increased to Rs 9,000 per sq.ft in 2023, and finally to Rs 9,900 per sq.ft in 2024.

What are the stamp duty and registration fees for property in L.I.C.Colony 1st Cross Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 99,00,000. The stamp duty at 7% is Rs 6,93,000, and the registration fee at 2% is Rs 1,98,000, totaling Rs 8,91,000.

Which office handles registrations for L.I.C.Colony 1st Cross Street?

The Chennai South Joint I Sub Registrar Office handles registrations for L.I.C.Colony 1st Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the guideline value determined for property transactions?

The guideline value is determined by the registration department and is used to calculate stamp duty and registration fees during property transactions. It ensures that both buyers and sellers are aware of the financial obligations involved in the registration process.