Guideline Value

Corporate

Guideline Value for LIC Colony 1st Street

₹5500/sq.ft.

The guideline value for Lic Colony 1st Street in Velachery village (Velacheri SRO, Chennai zone) is Rs 5500 per sq.ft, effective 1 July 2024. It was Rs 5000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class I Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class I Type - III
History
Period Guideline Value
From 1-7-2024 ₹5500 /sq.ft.
From 1-4-2023 ₹5000 /sq.ft.
From 9-6-2017 To 31-3-2023 N/A
From 1-4-2012 To 8-6-2017 ₹5000 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹2000 /sq.ft.
From 1-4-2003 To 31-7-2007 ₹623 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹556 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Lic Colony 1st Street

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LIC Colony 1st Street guideline value

The current guideline value of LIC Colony 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of LIC Colony 1st Street has changed

The guideline value for LIC Colony 1st Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 556 per sq.ft. This increased to Rs 623 per sq.ft in 2003, marking a rise of 12%. The value continued to climb significantly to Rs 2,000 per sq.ft in 2007, reflecting a substantial increase of 221%. In 2012, the guideline value remained at Rs 5,000 per sq.ft, showing no change from the previous figure. In 2023, the value was again Rs 5,000 per sq.ft, and it was revised to Rs 5,500 per sq.ft in 2024, indicating a 10% increase.

Notably, there is no recorded figure for LIC Colony 1st Street in the 2017 revision. Overall, from 2002 to 2024, the guideline value has increased by 889%.

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 the median being Rs 4,400 per sq.ft. The guideline value of LIC Colony 1st Street is above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers LIC Colony 1st Street?

The LIC Colony 1st Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Velachery. It is used by the government to determine the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is compared with the sale price, and the higher amount is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of LIC Colony 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 556 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 889% over the years.

What is the stamp duty for property in LIC Colony 1st Street?

The stamp duty for property in LIC Colony 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

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

What are the guideline values of other streets in Velachery?

Other streets in Velachery have varying guideline values. For example, LIC Colony 1st Main Road is Rs 13,200 per sq.ft, while LIC Colony 2nd Main Road, 2nd Street, 3rd Main Road, and 3rd Street are all Rs 5,500 per sq.ft.