Guideline Value for L.I.C.COLONY 3RD CROSS STREET

L.I.C.Colony 3rd Cross Street guideline value

The current guideline value of L.I.C.Colony 3rd 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 3rd Cross Street has changed

Looking at the revisions, the guideline value for L.I.C.Colony 3rd Cross Street has seen significant changes over the years. The 2012 revision set the value at Rs 9,000 per sq.ft, which then decreased to Rs 6,030 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased by 49% to Rs 9,000 per sq.ft. The latest revision in 2024 raised the value to Rs 9,900 per sq.ft, marking a 10% increase from the previous year.

The register does not have 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 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 2024 figure for L.I.C.Colony 3rd Cross Street.

• L.I.C.Colony 2nd 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)
• L.I.C.Colony 1st Cross Street: Rs 9,900 per sq.ft (2024)
• L.I.C. Colony: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in L.I.C.Colony 3rd 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 would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total cost together to Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers L.I.C.Colony 3rd Cross Street?

The L.I.C.Colony 3rd 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. You can find your SRO for more information.

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 must be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

Additionally, the guideline value is used to assess the value of the property for taxation purposes. It is essential for both parties to understand how this value affects the overall cost of the transaction, as it influences the financial obligations involved in the sale.

Frequently asked questions

What is the current guideline value of L.I.C.Colony 3rd Cross Street?

The current guideline value of L.I.C.Colony 3rd 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 significantly, 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 is the land classification for L.I.C.Colony 3rd Cross Street?

The land classification for L.I.C.Colony 3rd Cross Street is Residential Class I Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering L.I.C.Colony 3rd Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Thiruvanmiyur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, the total stamp duty for a property valued at Rs 99,00,000 would be Rs 6,93,000 at 7%.