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

L.I.C.Nagar Main Road guideline value

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

Over the years, the guideline value for L.I.C.Nagar Main Road has seen several revisions. The earliest recorded revision is from 2012, where the guideline value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. However, the most recent 2024 revision has increased the value back to Rs 2,200 per sq.ft.

From 2012 to 2017, there was a decline of 33%. In contrast, from 2017 to 2024, the guideline value increased by 64%. Overall, comparing the figures from 2012 to 2024, there has been a slight increase of 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

Pallikaranai village 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 as per the 2024 revision. The median value for these streets is Rs 1,650 per sq.ft, placing L.I.C.Nagar Main Road's 2024 guideline value above this median.

• L.I.C. Nagar /All Street /Main Roads /Cross 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 4th 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 2nd Street: 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 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 would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers L.I.C.Nagar Main Road?

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

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

The guideline value is a crucial factor when registering property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency and accountability in property dealings.

When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and are based on the higher of the guideline value or the sale price.

Frequently asked questions

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

The current guideline value of L.I.C.Nagar 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 increased to Rs 2,200 per sq.ft in 2024. There were no figures available for the years 2023, 2007, 2003, and 2002.

What is the registration office for L.I.C.Nagar Main Road?

The registration office for L.I.C.Nagar 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.

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

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

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

The land classification for L.I.C.Nagar Main Road is Residential Class II Type - I, indicating its designation for residential use.