Guideline Value

Corporate

Guideline Value for LIC Colony 2nd Street

₹5500/sq.ft.

The guideline value for Lic Colony 2nd 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 ₹436 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹389 /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 2nd Street

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LIC Colony 2nd Street guideline value

The current guideline value of LIC Colony 2nd 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 2nd Street has changed

The guideline value for LIC Colony 2nd Street has undergone several revisions over the years. The earliest recorded revision was in 2002, with a value of Rs 389 per sq.ft. This increased to Rs 436 per sq.ft in 2003, marking a rise of 12%. The value saw a significant jump to Rs 2,000 per sq.ft in 2007, a change of 359%. In 2012, it remained at Rs 5,000 per sq.ft, and this figure persisted until 2023. The 2023 revision set the value at Rs 5,000 per sq.ft, showing no change from the previous revision. The most recent revision in 2024 raised the guideline value to Rs 5,500 per sq.ft, reflecting a 10% increase from the 2023 figure.

In summary, from 2002 to 2024, the overall increase in the guideline value for LIC Colony 2nd Street is 1314%. The register has no figure for this street for the year 2017.

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. The median guideline value for these streets is Rs 4,400 per sq.ft, placing LIC Colony 2nd Street's 2024 figure above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be 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 and the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers LIC Colony 2nd Street?

The LIC Colony 2nd Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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

The guideline value is an important factor when registering property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must ensure that the sale price is in accordance with the guideline value to avoid any discrepancies during the registration process.

When a property is sold, the registration office uses the guideline value to calculate the applicable fees. This ensures that the transaction is recorded accurately, and both parties are aware of the financial obligations involved in the property transfer.

Frequently asked questions

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

The current guideline value of LIC Colony 2nd 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 from Rs 389 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1314% over this period.

What is the stamp duty rate for properties in LIC Colony 2nd Street?

The stamp duty rate for properties in LIC Colony 2nd Street is 7% of the guideline value or sale price, whichever is higher.

Which office handles property registrations for LIC Colony 2nd Street?

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

Are there other streets with the same guideline value in Velachery?

Yes, several other streets in Velachery have the same guideline value of Rs 5,500 per sq.ft for the year 2024, including LIC Colony 2nd Main Road, LIC Colony 3rd Main Road, LIC Colony 1st Street, and LIC Colony 3rd Street.