Guideline Value for L.I.C.NAGAR 3RD MAIN ROAD

L.I.C.Nagar 3rd Main Road guideline value

The current guideline value of L.I.C.Nagar 3rd Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024. 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.Nagar 3rd Main Road has changed

The guideline value for L.I.C.Nagar 3rd Main Road has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, a significant increase from Rs 1,340 per sq.ft in the 2017 revision. This marks a 64% increase from 2017 to 2024. The 2012 revision had a guideline value of Rs 2,000 per sq.ft, which was a decrease of 33% from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for this area is Rs 1,650 per sq.ft, making L.I.C.Nagar 3rd Main Road's 2024 figure above that median.

• L.I.C. Nagar 2nd Street: 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)
• L.I.C.Colony Ist Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in L.I.C.Nagar 3rd Main Road

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 at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to 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.Nagar 3rd Main Road?

The Sub Registrar Office that covers L.I.C.Nagar 3rd Main Road 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 during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value is utilized to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of L.I.C.Nagar 3rd Main Road?

The current guideline value of L.I.C.Nagar 3rd Main Road 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then to Rs 2,200 per sq.ft in 2024. This reflects a 64% increase from 2017 to 2024 and an overall increase of 10% from 2012 to 2024.

What is the land classification for L.I.C.Nagar 3rd Main Road?

The land classification for L.I.C.Nagar 3rd Main Road is Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for L.I.C.Nagar 3rd Main Road?

The Sub Registrar Office for L.I.C.Nagar 3rd Main Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035, Chennai registration zone.

How is the stamp duty calculated for properties in L.I.C.Nagar 3rd Main Road?

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