Guideline Value for LIC Colony 1st Main Road

LIC Colony 1st Main Road guideline value

The current guideline value of LIC Colony 1st Main Road is Rs 13,200 per sq.ft, effective from 1 July 2024. This road is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of LIC Colony 1st Main Road has changed

The guideline value for LIC Colony 1st Main Road has seen significant changes over the years. In 2007, the guideline value was Rs 2,000 per sq.ft, which increased dramatically to Rs 12,000 per sq.ft in 2012, marking a 500% rise. However, it then decreased to Rs 8,040 per sq.ft in 2017, a drop of 33%. The value further increased to Rs 12,000 per sq.ft in 2023, and the latest revision in 2024 sees it at Rs 13,200 per sq.ft, a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 560%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for LIC Colony 1st Main Road is above this median.

• LIC Colony 1st Street: Rs 5,500 per sq.ft (2024)
• LIC Colony 100ft Road: Rs 13,200 per sq.ft (2024)
• LIC Colony 2nd Main Road: Rs 5,500 per sq.ft (2024)
• LIC Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• LIC Colony 3rd Main Road: Rs 5,500 per sq.ft (2024)
• LIC Colony 3rd Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in LIC Colony 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, resulting in a total of Rs 11,88,000. 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 1st Main Road?

The LIC Colony 1st Main Road is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official value of the property. It is essential for buyers to be aware of the guideline value to ensure they are not overpaying for a property based on its market price.

Frequently asked questions

What is the current guideline value of LIC Colony 1st Main Road?

The current guideline value of LIC Colony 1st Main Road is Rs 13,200 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 2007 to Rs 13,200 per sq.ft in 2024, reflecting a significant increase over the years.

What is the land classification for LIC Colony 1st Main Road?

LIC Colony 1st Main Road is classified as Commercial Class I Type - I.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in LIC Colony 1st Main Road?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft property at the current guideline value incurs a stamp duty of Rs 9,24,000.