Guideline Value for OCEAN SRI CITY

Ocean Sri City guideline value

The current guideline value of Ocean Sri City, located in Pillaipakkam B village under the Sriperumpudur SRO, is Rs 800 per sq.ft, effective from 1 July 2024. This classification falls under Mixed Type - III land use.

How the guideline value of Ocean Sri City has changed

Looking at the revisions, the guideline value for Ocean Sri City was Rs 525 per sq.ft in 2017. This figure remained unchanged at Rs 800 per sq.ft in the 2023 revision and continues at the same rate in the 2024 revision. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, there was a significant increase of 52%. However, from 2023 to 2024, there was no change in the guideline value, maintaining the rate at Rs 800 per sq.ft. Overall, the increase from 2017 to 2024 is also 52%.

Guideline values in Pillaipakkam B

In Pillaipakkam B, there are 14 streets under the Sriperumpudur SRO that have a 2024 guideline value ranging from Rs 400 to Rs 1,500 per sq.ft. The median value for these streets is Rs 700 per sq.ft, placing Ocean Sri City's guideline value above this median.

• Bhirundhavan Nagar: Rs 400 per sq.ft (2024)
• Kuberan Nagar III: Rs 1,350 per sq.ft (2024)
• Kuberan Nagar Part II: Rs 1,254 per sq.ft (2024)
• Padmavathi Nagar: Rs 1,500 per sq.ft (2024)
• R.R.Avenue: Rs 700 per sq.ft (2024)
• Sipcot Pillaipakkam B: Rs 471 per sq.ft (2024)

Stamp duty and registration fee for property in Ocean Sri City

For a 1,000 sq.ft plot at the current guideline value of Rs 800 per sq.ft, the total guideline value would be Rs 8,00,000. The stamp duty, charged at 7%, would amount to Rs 56,000, while the registration fee at 2% would be Rs 16,000. Together, these fees would total Rs 72,000. 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 our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ocean Sri City?

The Sub Registrar Office that covers Ocean Sri City is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Pillaipakkam B. It serves as the minimum value for which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to consider the guideline value, as it can affect the overall cost of the transaction. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, which may influence their financial planning.

Frequently asked questions

What is the current guideline value of Ocean Sri City?

The current guideline value of Ocean Sri City is Rs 800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 525 per sq.ft in 2017 to Rs 800 per sq.ft in both 2023 and 2024, reflecting a 52% increase over that period.

What are the guideline values of other streets in Pillaipakkam B?

Other streets in Pillaipakkam B have varying guideline values, ranging from Rs 400 to Rs 1,500 per sq.ft, with Ocean Sri City's value being above the median of Rs 700 per sq.ft.

What fees are associated with property transactions in Ocean Sri City?

For a property valued at Rs 8,00,000, the total stamp duty would be Rs 56,000, and the registration fee would be Rs 16,000, bringing the total fees to Rs 72,000.

Where is the Sub Registrar Office for Ocean Sri City located?

The Sub Registrar Office for Ocean Sri City is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.