Guideline Value for South Lock Road

South Lock Road guideline value

The current guideline value of South Lock Road is Rs 6,600 per sq.ft, effective from 1 July 2024. This road is located in Kottur village, under the Adayar SRO, and is classified as Residential Class II Type - I.

How the guideline value of South Lock Road has changed

The guideline value for South Lock Road has undergone several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 1,149 per sq.ft. This increased to Rs 1,238 per sq.ft in 2003, marking an 8% rise. Following this, the value jumped significantly to Rs 3,000 per sq.ft in 2007, which is a 142% increase. In 2012, the guideline value was Rs 6,000 per sq.ft, reflecting a 100% increase from the previous revision.

From 2012 to 2017, the value decreased to Rs 4,020 per sq.ft, showing a decline of 33%. However, the subsequent revision in 2023 raised the value to Rs 6,000 per sq.ft, a 49% increase. The most recent revision in 2024 set the guideline value at Rs 6,600 per sq.ft, which is a 10% increase from 2023. There are no figures available for the years between these revisions for South Lock Road.

Guideline values in Kottur

Kottur village features a range of guideline values across its 114 streets under the Adayar SRO, with values ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median guideline value in Kottur is Rs 6,100 per sq.ft, placing South Lock Road's 2024 figure above this median.

• Sowbakya Avenue: Rs 6,100 per sq.ft (2024)
• Silikan Road: Rs 5,000 per sq.ft (2024)
• Srinivasa Murthy Avenue: Rs 5,000 per sq.ft (2024)
• Sri Ram Nagar 1st Street: Rs 5,000 per sq.ft (2024)
• Sri Ram Nagar 2nd Street: Rs 5,000 per sq.ft (2024)
• Sri Ram Nagar 3rd Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in South Lock Road

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers South Lock Road?

The Sub Registrar Office covering South Lock Road is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Kottur. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value will be used to calculate the applicable duties and fees. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, which can affect the total cost of the transaction.

Frequently asked questions

What is the current guideline value of South Lock Road?

The current guideline value of South Lock Road is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,149 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 474% over these years.

What is the registration office for South Lock Road?

The registration office for South Lock Road is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What is the stamp duty rate for property transactions?

The stamp duty for property transactions in Tamil Nadu is typically 7% of the guideline value or sale price, whichever is higher.

Can I find other streets in Kottur with their guideline values?

Yes, other streets in Kottur have their guideline values listed, with rates ranging from Rs 3,300 to Rs 15,400 per sq.ft. You can check specific streets for their respective values.