Guideline Value for OLYMPIC NAGAR

Olympic Nagar guideline value

The current guideline value of Olympic Nagar, located in Korattur village under the Villivakkam SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - III land classification.

How the guideline value of Olympic Nagar has changed

The guideline value for Olympic Nagar has seen significant changes over the years. In the 2007 revision, the value was set at Rs 250 per sq.ft. This increased dramatically to Rs 1,500 per sq.ft in the 2012 revision, marking a 500% rise. However, it then decreased to Rs 1,005 per sq.ft in 2017, a reduction of 33%. The value continued to rise, reaching Rs 1,500 per sq.ft in 2023, and finally increasing to Rs 1,600 per sq.ft in the 2024 revision, which represents a 7% increase from the previous year.

Looking at the overall changes, the guideline value has increased by 540% from Rs 250 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024. The register does not provide figures for the years 2002 and 2003 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of Olympic Nagar is below this median.

• Old Post Office Road (New Colony): Rs 2,100 per sq.ft (2024)
• Om Sakthi Nagar: Rs 1,600 per sq.ft (2024)
• Om Sakthi Nagar (Near Pdr Nagar): Rs 2,700 per sq.ft (2024)
• Officers Avenue: Rs 2,900 per sq.ft (2024)
• Oragadam Co-Op. Housing Colony: Rs 2,100 per sq.ft (2024)
• North Railway Station Road Chennai - 76: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Olympic Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Olympic Nagar?

The Sub Registrar Office that covers Olympic Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the sale price must be compared to the guideline value. The stamp duty and registration fees are calculated based on the higher of the two amounts, ensuring compliance with legal requirements during the property transaction.

Frequently asked questions

What is the current guideline value of Olympic Nagar?

The current guideline value of Olympic Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 250 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, marking an overall increase of 540%.

What are the stamp duty rates for properties in Olympic Nagar?

The stamp duty rate for properties in Olympic Nagar is 7% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office covers Olympic Nagar?

The Villivakkam Sub Registrar Office covers Olympic Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for Olympic Nagar?

Olympic Nagar falls under the Residential Class III Type - III land classification.