Guideline Value for L.I.C.COLONY 2ND CROSS STREET

L.I.C.Colony 2nd Cross Street guideline value

The current guideline value of L.I.C.Colony 2nd 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 2nd Cross Street has changed

The guideline value for L.I.C.Colony 2nd Cross Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 9,000 per sq.ft. This was followed by a decrease to Rs 6,030 per sq.ft in 2017. The value then increased significantly to Rs 9,000 per sq.ft in 2023, and currently stands at Rs 9,900 per sq.ft as of the 2024 revision. The changes between these revisions are noteworthy, with a 33% decrease from 2012 to 2017, followed by a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase in the guideline value.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median guideline value is Rs 9,900 per sq.ft, which is equal to the current guideline value of L.I.C.Colony 2nd Cross Street. Below are other streets in Thiruvanmiyur with their respective guideline values:

• L.I.C.Colony 1st 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: 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 2nd 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, bringing the total to 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers L.I.C.Colony 2nd Cross Street?

The L.I.C.Colony 2nd Cross Street is covered by 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. 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 plays a crucial role in the registration process when buying or selling property in Thiruvanmiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, reflecting the current market conditions.

Frequently asked questions

What is the current guideline value of L.I.C.Colony 2nd Cross Street?

The current guideline value of L.I.C.Colony 2nd 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 is now Rs 9,900 per sq.ft in 2024.

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

For a property valued at Rs 99,00,000, the stamp duty would be Rs 6,93,000 and the registration fee would be Rs 1,98,000, totaling Rs 8,91,000.

Which Sub Registrar Office covers L.I.C.Colony 2nd Cross Street?

The Chennai South Joint I Sub Registrar Office covers L.I.C.Colony 2nd Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification for L.I.C.Colony 2nd Cross Street?

The land classification for L.I.C.Colony 2nd Cross Street is Residential Class I Type - I.