Guideline Value for OM MAHALAKSHMI NAGAR RESIDENCY LAYOUT PHASE II

Om Mahalakshmi Nagar Residency Layout Phase II guideline value

The current guideline value for Om Mahalakshmi Nagar Residency Layout Phase II is Rs 2,760 per sq.ft. This property is located in Poonthamallee village, under the Poonamallee SRO, and is classified as Residential Special Type - IV.

How the guideline value of Om Mahalakshmi Nagar Residency Layout Phase II has changed

In the 2017 revision, the guideline value was Rs 1,675 per sq.ft. This figure increased significantly to Rs 2,515 per sq.ft in the 2023 revision, marking a 50% rise. The most recent revision in 2024 has set the guideline value at Rs 2,760 per sq.ft, which is a further increase of 10% from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has risen by 65%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Poonthamallee

In Poonthamallee, there are 257 streets under the Poonamallee SRO that carry a 2024 guideline value, ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median guideline value in the village is Rs 2,200 per sq.ft, placing Om Mahalakshmi Nagar Residency Layout Phase II above this median.

• Om Mahalakshmi nagar: Rs 2,200 per sq.ft (2024)
• Othandeeswarar Nagar: Rs 2,200 per sq.ft (2024)
• North mada street: Rs 2,200 per sq.ft (2024)
• Palani nagar: Rs 2,200 per sq.ft (2024)
• Palankottai street: Rs 3,250 per sq.ft (2024)
• New street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Om Mahalakshmi Nagar Residency Layout Phase II

For a 1,000 sq.ft plot at the current guideline value of Rs 2,760 per sq.ft, the total guideline value amounts to Rs 27,60,000. The stamp duty at 7% would be Rs 1,93,200, and the registration fee at 2% would be Rs 55,200, totaling Rs 2,48,400. Please note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Om Mahalakshmi Nagar Residency Layout Phase II?

The Sub Registrar Office that covers Om Mahalakshmi Nagar Residency Layout Phase II is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more details.

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

The guideline value is a critical factor in determining the registration fees and stamp duty when buying or selling property in Poonthamallee. It serves as a benchmark for property transactions and is used by the registration department to assess the value of the property for taxation purposes.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Om Mahalakshmi Nagar Residency Layout Phase II?

The current guideline value for Om Mahalakshmi Nagar Residency Layout Phase II is Rs 2,760 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,760 per sq.ft, reflecting an overall rise of 65% over the seven-year period.

What is the registration fee for properties in this area?

The registration fee in Om Mahalakshmi Nagar Residency Layout Phase II is calculated at 2% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 27,60,000, the registration fee would be Rs 55,200.

Where can I find more information about the Poonamallee SRO?

More information about the Poonamallee SRO can be found by visiting the official website or using the find your SRO link for specific details.

How is stamp duty calculated for properties in Poonthamallee?

Stamp duty in Poonthamallee is calculated at 7% of the higher value between the guideline value and the sale price. This ensures that the appropriate amount is collected based on the property's assessed value.