Guideline Value for LIC Colony 2nd Main Road

LIC Colony 2nd Main Road guideline value

The current guideline value of LIC Colony 2nd Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024. This road is located in Velachery village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of LIC Colony 2nd Main Road has changed

The guideline value for LIC Colony 2nd Main Road has seen several revisions over the years. The 2007 revision set the value at Rs 2,000 per sq.ft. This value increased significantly to Rs 5,000 per sq.ft in the 2012 revision, remaining unchanged until the 2023 revision, which also recorded Rs 5,000 per sq.ft. In 2024, the guideline value rose to Rs 5,500 per sq.ft, marking a 10% increase from the previous year.

From the 2007 revision to the 2024 revision, the overall increase in the guideline value is 175%. The register has no figures for the years 2002, 2003, and 2017 for this street.

Guideline values in Velachery

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

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

Stamp duty and registration fee for property in LIC Colony 2nd Main Road

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. 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 LIC Colony 2nd Main Road?

The Sub Registrar Office that covers LIC Colony 2nd Main Road is 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 an important factor during property registration in Velachery. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a reference point for both the buyer and seller. It is essential to consider this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of LIC Colony 2nd Main Road?

The current guideline value of LIC Colony 2nd Main Road 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 from Rs 2,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 175% over this period.

What are the stamp duty and registration fees for property in LIC Colony 2nd Main Road?

For a 1,000 sq.ft plot, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000, based on the current guideline value.

Which Sub Registrar Office covers LIC Colony 2nd Main Road?

The Velacheri Sub Registrar Office covers LIC Colony 2nd Main Road, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for LIC Colony 2nd Main Road?

The land classification for LIC Colony 2nd Main Road is Residential Class I Type - III.