Guideline Value for LIC Colony
₹2200/sq.ft.
The guideline value for Lic Colony in Selaiyur village (Selaiyur SRO, Chengalpattu zone) is Rs 2200 per sq.ft, effective 1 July 2024. It was Rs 2000 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:
Chengalpattu
Zone
Selaiyur
Village
Selaiyur
SRO
Residential Class I Type - I
History
| Period | Guideline Value |
|---|---|
| From 1-7-2024 | ₹2200 /sq.ft. |
| From 1-4-2023 | ₹2000 /sq.ft. |
| From 9-6-2017 To 31-3-2023 | ₹1340 /sq.ft. |
| From 1-4-2012 To 8-6-2017 | ₹2000 /sq.ft. |
| From 1-8-2007 To 31-3-2012 | ₹450 /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.36,bharathmatha Salai(opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur,chennai - 600 073.
044-22391102
[email protected]
DRO (District Registrar Office)
Tambaram District Registrar Office,no.47/8,venkatesan Street,tambaram (west),chennai- 600 045.
null
[email protected], [email protected]
Records for a plot on Lic Colony
- Patta chitta: who holds the survey number and its extent, free
- Encumbrance certificate (EC): every registered sale and mortgage on it
- FMB sketch and the village map: its boundary and neighbours
- Selaiyur sub-registrar office: address, phone and every village it registers
- Stamp duty and registration fee on this guideline value
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LIC Colony guideline value
The current guideline value of LIC Colony, located in Selaiyur village under the Selaiyur SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.
How the guideline value of LIC Colony has changed
Over the years, the guideline value of LIC Colony has undergone several revisions. The 2007 revision recorded a guideline value of Rs 450 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a substantial rise of 344%. However, the value then decreased to Rs 1,340 per sq.ft in 2017, a decline of 33%. The subsequent revisions saw an increase to Rs 2,000 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 2,200 per sq.ft, reflecting a 10% increase.
From 2017 to 2023, the value rose by 49%. Overall, from the 2007 revision to the current 2024 guideline value, there has been a remarkable increase of 389%. The register has no figures for the years 2002 and 2003 for this street.
Guideline values in Selaiyur
In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is equal to the current value of LIC Colony.
- Leelavathy Nagar: Rs 2,900 per sq.ft (2024)
- Leela Street: Rs 950 per sq.ft (2024)
- Leela Colony: Rs 2,900 per sq.ft (2024)
- Lalbagadur Sastri Street: Rs 950 per sq.ft (2024)
- Madambakkam Camp Road: Rs 2,200 per sq.ft (2024)
- Madha Koil Street: Rs 1,600 per sq.ft (2024)
Stamp duty and registration fee for property in LIC Colony
For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.
Which Sub Registrar Office covers LIC Colony?
The Sub Registrar Office that covers LIC Colony is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.
How the guideline value is used when you buy or sell in Selaiyur
The guideline value plays a crucial role in property transactions in Selaiyur. It serves as the minimum value for which a property can be registered, ensuring that the government receives appropriate revenue from property sales. Buyers and sellers must consider this value when negotiating sale prices, as the registration process will be based on the higher of the guideline value or the agreed sale price.
When a property is registered, the guideline value is used to calculate the stamp duty and registration fees. This ensures transparency and consistency in property transactions, as these fees are determined based on the established guideline values set by the Registration Department.
Frequently asked questions
What is the current guideline value of LIC Colony?
The current guideline value of LIC Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.
How much has the guideline value changed over the years?
The guideline value has changed significantly from Rs 450 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 389% over this period.
What are the stamp duty and registration fees for property in LIC Colony?
For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.
Which Sub Registrar Office covers LIC Colony?
LIC Colony falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.
What is the land classification for LIC Colony?
LIC Colony is classified as Residential Class I Type - I, indicating its designation for residential use.
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