Guideline Value for Lock Street

Lock Street guideline value

The current guideline value of Lock Street, located in Adayar village under the Adayar SRO, is Rs 9,400 per sq.ft, effective from 1 July 2024. This street is classified as Residential Special Type - II.

How the guideline value of Lock Street has changed

Over the years, the guideline value of Lock Street has seen several revisions. The 2007 revision set the value at Rs 4,400 per sq.ft, which increased to Rs 8,500 per sq.ft in 2012. However, there was a significant decrease of 33% to Rs 5,695 per sq.ft in the 2017 revision. The value then rose sharply to Rs 8,500 per sq.ft in 2023, and finally, the current guideline value is Rs 9,400 per sq.ft from the 2024 revision, marking an increase of 11% from the previous year.

Notably, there are no figures available for Lock Street in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 114%.

Guideline values in Adayar

In Adayar, there are 92 streets under the Adayar SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median value is Rs 6,100 per sq.ft, placing Lock Street's 2024 figure above this median.

• Mannappan Street: Rs 3,300 per sq.ft (2024)
• Kotturpuram Slum Clearance Board: Rs 5,500 per sq.ft (2024)
• Kottur Garden Loop Street: Rs 9,400 per sq.ft (2024)
• Kottur Garden 5th Main Road: Rs 9,400 per sq.ft (2024)
• Kottur Garden 4th Main Road: Rs 9,400 per sq.ft (2024)
• Kottur Garden 3rd Main Road: Rs 9,400 per sq.ft (2024)

Stamp duty and registration fee for property in Lock Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,400 per sq.ft, the total guideline value would be Rs 94,00,000. The stamp duty is calculated at 7%, amounting to Rs 6,58,000, and the registration fee at 2% would be Rs 1,88,000. Together, the total cost for stamp duty and registration fee would be Rs 8,46,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Lock Street?

The Sub Registrar Office that covers Lock Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Adayar. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official value set by the government.

When buying or selling property, the guideline value helps to establish a fair price for taxation purposes. It is essential for buyers and sellers to be aware of the current guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Lock Street?

The current guideline value of Lock Street is Rs 9,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,400 per sq.ft in 2007 to Rs 9,400 per sq.ft in 2024, reflecting an overall increase of 114% over the years.

What is the land classification for Lock Street?

Lock Street is classified as Residential Special Type - II, which influences its guideline value and property regulations.

Where can I find the Adayar Sub Registrar Office?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is stamp duty calculated for property in Lock Street?

Stamp duty for property in Lock Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a stamp duty of Rs 6,58,000.