Guideline Value

Corporate

Guideline Value for LIC Colony 3rd Main Road

₹5500/sq.ft.

The guideline value for Lic Colony 3rd Main Road 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 ₹3350 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹5000 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
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 3rd Main Road

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LIC Colony 3rd Main Road guideline value

The current guideline value of LIC Colony 3rd Main Road is Rs 5,500 per sq.ft as per the 2024 revision, 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 3rd Main Road has changed

The guideline value for LIC Colony 3rd Main Road has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 5,000 per sq.ft. This was followed by a decrease to Rs 3,350 per sq.ft in 2017. The value then increased significantly to Rs 5,000 per sq.ft in the 2023 revision and further rose to Rs 5,500 per sq.ft in 2024, marking a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The current rate is above the median of Rs 4,400 per sq.ft for the 2,691 streets in Velachery that carry a 2024 figure.

Guideline values in Velachery

In Velachery, the guideline values range from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. LIC Colony 3rd Main Road's guideline value is above this median, indicating its relative position within the area.

Stamp duty and registration fee for property in LIC Colony 3rd Main Road

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

Which Sub Registrar Office covers LIC Colony 3rd Main Road?

The LIC Colony 3rd Main Road falls under 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 critical factor in property transactions in Velachery, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

It is essential for buyers and sellers to be aware of the current guideline value, as it influences the overall cost of the transaction. Proper understanding of these values helps in making informed decisions during property dealings in Velachery.

Frequently asked questions

What is the current guideline value of LIC Colony 3rd Main Road?

The current guideline value of LIC Colony 3rd 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 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then increased to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in 2024.

What is the land classification of LIC Colony 3rd Main Road?

LIC Colony 3rd Main Road is classified as Residential Class I Type - III.

Where can I find the registration office for LIC Colony 3rd Main Road?

The registration office for LIC Colony 3rd Main Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in LIC Colony 3rd Main Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 55,00,000, the stamp duty would be calculated at 7% of this amount.