Guideline Value for Lokesh Nagar

Lokesh Nagar guideline value

The current guideline value of Lokesh Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This locality is situated in Thirumullaivoyal village, under the Ambattur SRO, and is classified as Residential Class IV Type - III.

How the guideline value of Lokesh Nagar has changed

The guideline value for Lokesh Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was set at Rs 97 per sq.ft. This increased to Rs 125 per sq.ft in 2003, marking a 29% rise. The value continued to grow, reaching Rs 250 per sq.ft in 2007, which was a significant increase of 100%. The 2012 revision maintained the value at Rs 1,000 per sq.ft, showing a 300% increase from the previous figure.

In the subsequent revisions, the guideline value rose to Rs 670 per sq.ft in 2017, reflecting a decrease of 33% from 2012. The value further increased to Rs 1,000 per sq.ft in 2023, a 49% rise. Finally, the current guideline value of Rs 1,100 per sq.ft was established in the 2024 revision, representing a 10% increase from the previous year.

Guideline values in Thirumullaivoyal

In Thirumullaivoyal, there are 975 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, indicating that Lokesh Nagar's 2024 figure is below this median.

• Lenin Nagar V.B.C. Street: Rs 2,400 per sq.ft (2024)
• Lenin Nagar Kamatchi St.: Rs 2,400 per sq.ft (2024)
• Lenin Nagar 9th Cross Street: Rs 2,400 per sq.ft (2024)
• Lenin Nagar 8th Cross Street: Rs 2,400 per sq.ft (2024)
• Lenin Nagar 7th Cross Street: Rs 2,400 per sq.ft (2024)
• Lenin Nagar 6th Cross Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Lokesh Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Lokesh Nagar?

The Sub Registrar Office that covers Lokesh Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Thirumullaivoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is important to refer to the latest guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Lokesh Nagar?

The current guideline value of Lokesh Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 97 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, showing an overall increase of 1,034% over the years.

What is the land classification of Lokesh Nagar?

Lokesh Nagar is classified as Residential Class IV Type - III, indicating its designation for residential use.

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

The Sub Registrar Office for Lokesh Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for property in Lokesh Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 99,000.