Guideline Value for LOCKMA NAGAR 1ST STREET

Lockma Nagar 1st Street guideline value

The current guideline value of Lockma Nagar 1st Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the jurisdiction of the Purasaivakkam SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Lockma Nagar 1st Street has changed

The guideline value for Lockma Nagar 1st Street has seen several revisions over the years. In the 2007 revision, the value was Rs 1,100 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, in the 2017 revision, the value decreased to Rs 2,345 per sq.ft. The 2023 revision recorded an increase to Rs 3,500 per sq.ft, followed by a further increase to the current rate of Rs 3,800 per sq.ft in 2024.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2012 to 2017 saw a decrease of 33%, while the increase from 2007 to 2012 was a remarkable 218%. Overall, from 2007 to 2024, the guideline value has increased by 245%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, placing Lockma Nagar 1st Street's 2024 figure below this median.

• Lockma Nagar: Rs 3,800 per sq.ft (2024)
• Lockma Nagar 2nd Street: Rs 3,800 per sq.ft (2024)
• Lockma Nagar 3rd Street: Rs 3,800 per sq.ft (2024)
• Lockma Nagar Lane: Rs 3,800 per sq.ft (2024)
• Letangs Road: Rs 12,100 per sq.ft (2024)
• Madam 1st Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Lockma Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total to Rs 3,42,000. 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 Lockma Nagar 1st Street?

The Sub Registrar Office that covers Lockma Nagar 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Purasaivakkam. It determines the minimum value at which a property can be registered and is used to calculate stamp duty and registration fees.

When buying or selling a property, the guideline value ensures transparency and fairness in the transaction process. It serves as a benchmark for both buyers and sellers, helping to establish a clear understanding of property worth in the region.

Frequently asked questions

What is the current guideline value of Lockma Nagar 1st Street?

The current guideline value of Lockma Nagar 1st Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, marking an overall increase of 245% over the years.

What is the land classification for Lockma Nagar 1st Street?

The land classification for Lockma Nagar 1st Street is Residential Class IV Type - II.

Where is the Sub Registrar Office located for Lockma Nagar 1st Street?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Lockma Nagar 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a plot of 1,000 sq.ft at the current guideline value would incur a total stamp duty of Rs 2,66,000.