Guideline Value for LOCKMA NAGAR LANE

Lockma Nagar Lane guideline value

The current guideline value of Lockma Nagar Lane is Rs 3,800 per sq.ft, effective from 1 July 2024. This lane is located in Purasaivakkam village under the Purasaivakkam SRO, classified as Residential Class IV Type - II.

How the guideline value of Lockma Nagar Lane has changed

The guideline value for Lockma Nagar Lane has undergone several revisions over the years. The earliest revision available is from 2007, where the value was Rs 1,100 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a 218% rise. However, by 2017, the value decreased to Rs 2,345 per sq.ft, reflecting a decline of 33% from the previous revision. The value then increased to Rs 3,500 per sq.ft in 2023, a 49% increase from 2017.

As of the latest revision in 2024, the guideline value stands at Rs 3,800 per sq.ft, which is a 9% increase from the previous year. Overall, from 2007 to 2024, the guideline value has risen by 245%.

Guideline values in Purasaivakkam

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

• Lockma Nagar 3rd Street: Rs 3,800 per sq.ft (2024)
• Lockma Nagar 2nd Street: Rs 3,800 per sq.ft (2024)
• Lockma Nagar 1st Street: Rs 3,800 per sq.ft (2024)
• Lockma Nagar: 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 Lane

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, while the registration fee at 2% would be Rs 76,000. Together, the total cost for these fees would be Rs 3,42,000. 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 detailed calculations.

Which Sub Registrar Office covers Lockma Nagar Lane?

The Sub Registrar Office that covers Lockma Nagar Lane 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 plays a crucial role in the registration of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the guideline value or the 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 Lockma Nagar Lane?

The current guideline value of Lockma Nagar Lane 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, showing an overall increase of 245% over the years.

Where does Lockma Nagar Lane's guideline value stand compared to other streets in Purasaivakkam?

Lockma Nagar Lane's 2024 guideline value of Rs 3,800 per sq.ft is below the median value of Rs 5,500 per sq.ft for the 519 streets in Purasaivakkam.

What are the stamp duty and registration fees for property in Lockma Nagar Lane?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 38,00,000, the total fees would amount to Rs 3,42,000.

Which office handles property registrations for Lockma Nagar Lane?

The Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, handles property registrations for Lockma Nagar Lane.