Guideline Value for LIC Nagar

LIC Nagar guideline value

The current guideline value of LIC Nagar is Rs 2,530 per sq.ft, effective from 1 July 2024. This area is located in S. Kullathur village, under the Pallavaram SRO, and is classified as Residential Class I Type - II.

How the guideline value of LIC Nagar has changed

The guideline value of LIC Nagar has seen several revisions over the years. The earliest available figure is from 2007, where it was Rs 900 per sq.ft. This increased significantly to Rs 2,300 per sq.ft in 2012, but then decreased to Rs 1,541 per sq.ft in 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, and the latest revision in 2024 has raised it to Rs 2,530 per sq.ft.

From 2017 to 2023, the increase was 30%, followed by a 27% increase from 2023 to 2024. Overall, from the 2007 figure to the current 2024 figure, there has been a substantial increase of 181%.

Guideline values in S. Kullathur

In S. Kullathur, there are 71 streets under the Pallavaram SRO with guideline values for 2024 ranging from Rs 1,320 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, indicating that LIC Nagar's 2024 figure is below this median.

• Lakshmi Narayanan Nagar: Rs 2,530 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 3,300 per sq.ft (2024)
• Mahalakshmi Nagar 1 To 6 Streets: Rs 2,530 per sq.ft (2024)
• Kulathur Main Road: Rs 4,400 per sq.ft (2024)
• Mangaliamman Nagar 1 To 4 Streets: Rs 2,530 per sq.ft (2024)
• Manimegalai Nagar (Ellaiamman Koil Street): Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in LIC Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total fees to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers LIC Nagar?

LIC Nagar falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in S. Kullathur

The guideline value is a crucial factor in property transactions in S. Kullathur. It serves as a benchmark for determining the minimum price at which properties can be registered. Buyers and sellers need to be aware of the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of LIC Nagar?

The current guideline value of LIC Nagar is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of 181% over this period.

What are the stamp duty rates for properties in LIC Nagar?

The stamp duty rate for properties in LIC Nagar is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office covering LIC Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the median guideline value for streets in S. Kullathur?

The median guideline value for streets in S. Kullathur is Rs 2,750 per sq.ft, with LIC Nagar's 2024 figure being below this median.