Guideline Value for LIC COLONY

Lic Colony guideline value

The current guideline value for Lic Colony in Puliyur village, under the Kodambakkam SRO, is Rs 4,600 per sq.ft, effective from 1 July 2024. This area falls under Residential Class IV Type - I land classification.

How the guideline value of Lic Colony has changed

The guideline value for Lic Colony has seen significant changes over the years. In 2002, the value was Rs 594 per sq.ft, which increased to Rs 653 per sq.ft in 2003, marking a 10% rise. The value further rose to Rs 1,300 per sq.ft in 2007, reflecting a 99% increase. By 2012, the value remained at Rs 4,300 per sq.ft, showing no change from the previous revision. The next revision in 2023 also maintained the value at Rs 4,300 per sq.ft.

In 2024, the guideline value was revised to Rs 4,600 per sq.ft, which is a 7% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 674%. The register has no figure for the 2017 revision for this street.

Guideline values in Puliyur

In Puliyur, there are 648 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 14,300 per sq.ft. The median value for these streets is Rs 5,800 per sq.ft, placing Lic Colony's 2024 figure below this median.

• Loganathan Nagar 1st Street: Rs 6,300 per sq.ft (2024)
• Loganathan Nagar 2nd Street: Rs 6,300 per sq.ft (2024)
• Loganathan Nagar 3rd Street: Rs 6,300 per sq.ft (2024)
• Loganathan Puram: Rs 3,300 per sq.ft (2024)
• Lakshmipuram Main Road: Rs 5,000 per sq.ft (2024)
• Madha Koil Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Lic Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,600 per sq.ft, the total guideline value amounts to Rs 46,00,000. The stamp duty at 7% would be Rs 3,22,000, and the registration fee at 2% would be Rs 92,000, bringing the total to Rs 4,14,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lic Colony?

The Lic Colony area is covered by the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is an essential factor during property transactions in Puliyur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value provides a benchmark for both buyers and sellers. It is crucial to be aware of the current guideline value to ensure compliance with registration requirements and to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value for Lic Colony?

The current guideline value for Lic Colony is Rs 4,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 594 per sq.ft in 2002 to Rs 4,600 per sq.ft in 2024, reflecting an overall increase of 674% over the years.

What is the median guideline value for streets in Puliyur?

The median guideline value for streets in Puliyur is Rs 5,800 per sq.ft, with Lic Colony's value being below this median.

What are the stamp duty and registration fees for property in Lic Colony?

For a property valued at Rs 46,00,000, the stamp duty would be Rs 3,22,000 and the registration fee would be Rs 92,000, totaling Rs 4,14,000.

Which office handles registrations for Lic Colony?

The Kodambakkam Sub Registrar Office handles registrations for Lic Colony, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.