Guideline Value for OM LAKSHMI NAGAR

Om Lakshmi Nagar guideline value

The current guideline value of Om Lakshmi Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Karanodai village, under the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of Om Lakshmi Nagar has changed

The guideline value for Om Lakshmi Nagar has undergone several revisions over the years. The earliest available figure is from 2012, where it was set at Rs 500 per sq.ft. This value remained until the next revision in 2017, where it decreased to Rs 335 per sq.ft, marking a decline of 33%. Following this, the value increased significantly to Rs 500 per sq.ft in 2023, and then to Rs 550 per sq.ft in 2024, reflecting a 10% increase.

Between 2017 and 2023, the guideline value rose by 49%. Overall, from 2012 to 2024, the value has increased by 10%. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Karanodai

In Karanodai, there are 38 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 2,000 per sq.ft. The median value for these streets is Rs 1,210 per sq.ft, placing Om Lakshmi Nagar's 2024 figure below that median.

• Pachiamman Nagar: Rs 1,210 per sq.ft (2024)
• Parvathi Nagar: Rs 1,210 per sq.ft (2024)
• Munivel Nagar: Rs 1,210 per sq.ft (2024)
• Rukmani Ammal Nagar: Rs 1,650 per sq.ft (2024)
• Sakthi Avenue: Rs 440 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Om Lakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty, charged at 7%, would be Rs 38,500, while the registration fee at 2% would be Rs 11,000. Together, the total cost for these fees would be Rs 49,500. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Om Lakshmi Nagar?

The Sub Registrar Office that covers Om Lakshmi Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Karanodai. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the sale or purchase of property.

When a buyer or seller enters into a transaction, the guideline value is compared with the sale price to ascertain which amount is higher. The applicable duties are then calculated based on that higher figure, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Om Lakshmi Nagar?

The current guideline value of Om Lakshmi Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increasing to Rs 500 per sq.ft in 2023, and finally reaching Rs 550 per sq.ft in 2024.

What is the land classification for Om Lakshmi Nagar?

Om Lakshmi Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Om Lakshmi Nagar?

The Sub Registrar Office for Om Lakshmi Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 5,50,000, the stamp duty at 7% would be Rs 38,500.