Guideline Value for LIC Colony

LIC Colony guideline value

The current guideline value of LIC Colony, located in Kodambakkam village under the Ashok Nagar SRO, is Rs 7,000 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - III.

How the guideline value of LIC Colony has changed

The guideline value of LIC Colony has seen significant changes over the years. In 2007, the guideline value was Rs 1,210 per sq.ft. This increased to Rs 6,500 per sq.ft in 2012, marking a substantial rise of 437%. However, from 2012 to 2017, the value dropped to Rs 4,355 per sq.ft, reflecting a decrease of 33%. The latest revision in 2024 sees the guideline value rise to Rs 7,000 per sq.ft, an increase of 61% from the 2017 figure.

It is important to note that the register has no figures for the years 2023, 2003, and 2002 for this street. Overall, from 2007 to 2024, the guideline value has increased by 479%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for the area is Rs 4,900 per sq.ft, placing LIC Colony's 2024 figure above this median.

• LIC Oozliyar, Kudiyiruppu: Rs 7,000 per sq.ft (2024)
• Lord Mount Pattern Street: Rs 3,300 per sq.ft (2024)
• Lambard Nagar: Rs 2,200 per sq.ft (2024)
• Lal Bagadur Sasthri Street: Rs 3,300 per sq.ft (2024)
• Lakshmi Street Block 61: Rs 5,500 per sq.ft (2024)
• Mahadeva Ayyar Street Block 43,44,35,45: Rs 7,700 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 7,000 per sq.ft, the total guideline value amounts to Rs 70,00,000. The stamp duty at 7% would be Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, bringing the total cost for these fees to Rs 6,30,000. 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 details.

Which Sub Registrar Office covers LIC Colony?

The Sub Registrar Office that covers LIC Colony is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Kodambakkam. It serves as a reference point for determining the minimum sale price of a property, ensuring that the property is not sold for less than the established value. This helps maintain transparency in the real estate market.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the actual sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of LIC Colony?

The current guideline value of LIC Colony is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,210 per sq.ft in 2007 to Rs 7,000 per sq.ft in 2024, reflecting an overall increase of 479% over the years.

What is the land classification of LIC Colony?

LIC Colony is classified as Residential Special Type - III, which indicates the type of development and land use permitted in the area.

Where can I find the Sub Registrar Office for LIC Colony?

The Sub Registrar Office for LIC Colony is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 6,30,000.