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Guideline Value

Corporate

Guideline Value for LIC Colony Main Road (Facing Velachery Main Road)

₹13200/sq.ft.

The guideline value for Lic Colony Main Road (facing Velachery Main Road) in Velachery village (Velacheri SRO, Chennai zone) is Rs 13200 per sq.ft, effective 1 July 2024. It was Rs 12000 per sq.ft from 1 April 2023, a 10% change. The land classification is Commercial Class I Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Commercial Class I Type - I
History
Period Guideline Value
From 1-7-2024 ₹13200 /sq.ft.
From 1-4-2023 ₹12000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹8040 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹12000 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹2000 /sq.ft.
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 Main Road (facing Velachery Main Road)

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LIC Colony Main Road (Facing Velachery Main Road) guideline value

The current guideline value for LIC Colony Main Road (Facing Velachery Main Road) is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Commercial Class I Type - I.

How the guideline value of LIC Colony Main Road (Facing Velachery Main Road) has changed

Over the years, the guideline value for LIC Colony Main Road has seen significant changes. In the 2007 revision, the value was Rs 2,000 per sq.ft. This increased dramatically to Rs 12,000 per sq.ft in 2012, marking a rise of 500%. However, from 2012 to 2017, the value decreased to Rs 8,040 per sq.ft, a decline of 33%. The value then rose to Rs 12,000 per sq.ft in 2023, showing an increase of 49%. The most recent revision in 2024 set the guideline value at Rs 13,200 per sq.ft, reflecting a 10% increase from the previous year.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 560%.

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 Main Road (Facing Velachery Main Road) is above this median.

Stamp duty and registration fee for property in LIC Colony Main Road (Facing Velachery Main Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, totaling Rs 11,88,000. 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 detailed calculations.

Which Sub Registrar Office covers LIC Colony Main Road (Facing Velachery Main Road)?

The Sub Registrar Office that covers LIC Colony Main Road is 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 plays a crucial role in the registration of property transactions in Velachery. It serves as the basis for calculating the stamp duty and registration fees that are required when buying or selling property in the area.

When a property is registered, the guideline value is considered to ensure that the appropriate taxes are collected. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, which can affect the total cost of the transaction.

Frequently asked questions

What is the current guideline value for LIC Colony Main Road?

The current guideline value for LIC Colony Main Road (Facing Velachery Main Road) is Rs 13,200 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 2,000 per sq.ft in 2007 to Rs 13,200 per sq.ft in 2024, reflecting an overall increase of 560%.

What is the land classification for LIC Colony Main Road?

LIC Colony Main Road is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

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

The registration office for LIC Colony 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 Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 1,32,00,000 would incur a stamp duty of Rs 9,24,000 at 7%.