Guideline Value for LIC Colony 3rd Street

LIC Colony 3rd Street guideline value

The current guideline value of LIC Colony 3rd 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 3rd Street has changed

The guideline value for LIC Colony 3rd Street has undergone several revisions over the years. In 2002, the value was Rs 389 per sq.ft, which increased to Rs 436 per sq.ft in 2003. Following this, there was a substantial rise to Rs 2,000 per sq.ft in 2007, and then to Rs 5,000 per sq.ft in 2012. However, the value decreased to Rs 3,350 per sq.ft in 2017. The 2023 revision saw another increase to Rs 5,000 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft.

Examining the changes, from 2002 to 2003, the value rose by 12%. The increase from 2003 to 2007 was significant at 359%. The value then increased by 150% from 2007 to 2012, but saw a decrease of 33% from 2012 to 2017. The jump from 2017 to 2023 was 49%, and the latest revision from 2023 to 2024 reflects a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1314%.

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 3rd Street is above this median.

• LIC Colony 3rd Main Road: Rs 5,500 per sq.ft (2024)
• LIC Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• LIC Colony 2nd Main Road: Rs 5,500 per sq.ft (2024)
• LIC Colony Main Road: Rs 6,600 per sq.ft (2024)
• LIC Colony 1st Street: Rs 5,500 per sq.ft (2024)
• LIC Colony Main Road (Facing Velachery Main Road): Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in LIC Colony 3rd 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, charged at 7%, would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LIC Colony 3rd Street?

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

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

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all transactions are transparent and that the government can maintain accurate records of property values in the area.

Frequently asked questions

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

The current guideline value of LIC Colony 3rd 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 seen various changes, starting from Rs 389 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1314% over the years.

What is the land classification for LIC Colony 3rd Street?

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

What are the stamp duty and registration fees for property in LIC Colony 3rd Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

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.