Guideline Value for L.I.C.COLONY EXTENSION

L.I.C.Colony Extension guideline value

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

How the guideline value of L.I.C.Colony Extension has changed

The guideline value for L.I.C.Colony Extension has undergone several revisions over the years. In 2012, the value was set at Rs 9,000 per sq.ft, which decreased to Rs 6,030 per sq.ft in 2017. Following this, the value increased significantly to Rs 9,000 per sq.ft in 2023, and then to Rs 9,900 per sq.ft in 2024.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The most recent change from 2023 to 2024 reflects a 10% increase, bringing the overall change from 2012 to 2024 to a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 value is Rs 9,900 per sq.ft, which is the same as the guideline value for L.I.C.Colony Extension.

• L.I.C.Colony 5th 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 3rd Cross Street: 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 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 Extension

For a 1,000 sq.ft plot in L.I.C.Colony Extension, the 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, totaling 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 Extension?

The Sub Registrar Office that covers L.I.C.Colony Extension 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. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Thiruvanmiyur. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is considered to ascertain the amount of duty payable. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value for L.I.C.Colony Extension?

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

How has the guideline value changed over the years?

The guideline value changed from Rs 9,000 per sq.ft in 2012 to Rs 6,030 per sq.ft in 2017, then back 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 Extension?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 8,91,000, calculated based on the guideline value of Rs 99,00,000.

Which Sub Registrar Office covers L.I.C.Colony Extension?

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

What is the significance of the guideline value in property transactions?

The guideline value is essential in determining the stamp duty and registration fees during property transactions. It ensures that the government receives the appropriate revenue based on the property's value.