Guideline Value for L.I.C.COLONY IST STREET

L.I.C.Colony Ist Street guideline value

The current guideline value of L.I.C.Colony Ist Street is Rs 2,200 per sq.ft. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

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

The guideline value for L.I.C.Colony Ist Street has seen several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 2,000 per sq.ft. In 2017, this figure decreased to Rs 1,340 per sq.ft, marking a decline of 33%. However, with the 2024 revision, the guideline value increased significantly to Rs 2,200 per sq.ft, representing a 64% rise from the 2017 figure. Overall, from 2012 to 2024, there has been a 10% increase.

The register does not contain figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, making L.I.C.Colony Ist Street's 2024 figure above that median.

• 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 4th Street: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar /All Street /Main Roads /Cross Street: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in L.I.C.Colony Ist Street

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, charged at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees total Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers L.I.C.Colony Ist Street?

The Sub Registrar Office that covers L.I.C.Colony Ist 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.

You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

Additionally, the guideline value is frequently updated to reflect changes in the real estate market, and it is essential for both parties in a transaction to refer to the most recent figures to avoid discrepancies during registration.

Frequently asked questions

What is the current guideline value of L.I.C.Colony Ist Street?

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

How has the guideline value changed over the years?

The guideline value has undergone several revisions, decreasing from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, before rising to Rs 2,200 per sq.ft in 2024.

What is the land classification for L.I.C.Colony Ist Street?

L.I.C.Colony Ist Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for L.I.C.Colony Ist Street?

The Sub Registrar Office for L.I.C.Colony Ist 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 property in L.I.C.Colony Ist Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.