Guideline Value for OAK WOOD

Oak Wood guideline value

The current guideline value of Oak Wood, located in Karapakkam village under the Neelankarai SRO, is Rs 3,000 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Oak Wood has changed

The guideline value for Oak Wood has seen several revisions over the years. The earliest recorded figure is from 2012, where the value was Rs 2,500 per sq.ft. This value remained the same until the 2017 revision, which decreased to Rs 1,675 per sq.ft, marking a decline of 33%. Subsequently, the value increased to Rs 2,500 per sq.ft in 2023, and then rose again to Rs 3,000 per sq.ft in the 2024 revision, reflecting a 20% increase from the previous year.

In summary, the guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 3,000 per sq.ft in 2024, resulting in an overall increase of 20% over the twelve-year period. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, placing Oak Wood's 2024 value above this median.

• Old Mahabalipuram Road: Rs 8,500 per sq.ft (2024)
• N.K.S. Nagar Main Road: Rs 1,700 per sq.ft (2024)
• N.K.S. NAGAR 3rd CROSS STREET: Rs 1,700 per sq.ft (2024)
• N.K.S. NAGAR 2nd CROSS STREET: Rs 1,700 per sq.ft (2024)
• N.K.S. Nagar: Rs 1,700 per sq.ft (2024)
• Nehru Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Oak Wood

For a 1,000 sq.ft plot at the current guideline value of Rs 3,000 per sq.ft, the total guideline value amounts to Rs 30,00,000. The stamp duty at 7% would be Rs 2,10,000, while the registration fee at 2% would be Rs 60,000, bringing the total cost for these fees to Rs 2,70,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Oak Wood?

The Oak Wood area is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, 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 Karapakkam

The guideline value plays a crucial role in the registration process of property transactions in Karapakkam. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated based on a standardized value set by the government.

It is essential for buyers and sellers to be aware of the guideline value, as it can significantly affect the overall cost of the transaction. Proper understanding of these values helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Oak Wood?

The current guideline value of Oak Wood is Rs 3,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 3,000 per sq.ft in 2024, with various revisions in between, including a decrease to Rs 1,675 per sq.ft in 2017.

What is the land classification for Oak Wood?

Oak Wood falls under the Residential Class II Type - I land classification.

What are the stamp duty and registration fees for property in Oak Wood?

For a property valued at Rs 30,00,000, the stamp duty would be Rs 2,10,000 and the registration fee would be Rs 60,000, totaling Rs 2,70,000.

Where is the Sub Registrar Office for Oak Wood located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.