Guideline Value

Corporate

Guideline Value for LIC Colony Main Road

₹6600/sq.ft.

The guideline value for Lic Colony Main Road in Velachery village (Velacheri SRO, Chennai zone) is Rs 6600 per sq.ft, effective 1 July 2024. It was Rs 6000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class I Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class I Type - I
History
Period Guideline Value
From 1-7-2024 ₹6600 /sq.ft.
From 1-4-2023 ₹6000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹4020 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹6000 /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

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LIC Colony Main Road guideline value

The current guideline value of LIC Colony Main Road is Rs 6,600 per sq.ft, effective from 1 July 2024. This road is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of LIC Colony Main Road has changed

The guideline value for LIC Colony Main Road has seen several revisions over the years. The earliest recorded figure is from 2007, when it was Rs 2,000 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in 2012, but then decreased to Rs 4,020 per sq.ft in 2017. The value rose again to Rs 6,000 per sq.ft in 2023, and currently stands at Rs 6,600 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

In summary, from 2007 to 2024, the guideline value has increased by 230%. The revisions for the years 2002 and 2003 do not have figures recorded for this street.

Guideline values in Velachery

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers LIC Colony 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. 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 is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties must be registered. When buying or selling a property, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the guideline value is compared with the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions, reflecting the market conditions.

Frequently asked questions

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

The current guideline value for LIC Colony Main Road is Rs 6,600 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 6,600 per sq.ft in 2024, reflecting an overall increase of 230% over the years.

What are the stamp duty rates applicable for properties in LIC Colony Main Road?

The stamp duty for properties in LIC Colony Main Road is charged at 7% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office should I approach for property registration in LIC Colony Main Road?

The Velacheri Sub Registrar Office is responsible for property registrations in LIC Colony Main Road, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value for streets in Velachery?

The median guideline value for streets in Velachery is Rs 4,400 per sq.ft, while LIC Colony Main Road's guideline value is above this median.