Guideline Value for OM MURUGA NAGAR

Om Muruga Nagar guideline value

The current guideline value of Om Muruga Nagar, located in Pothur village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Om Muruga Nagar has changed

Over the years, the guideline value of Om Muruga Nagar has seen several revisions. The earliest recorded figure is from 2012, when the guideline value was Rs 500 per sq.ft. This figure was revised to Rs 335 per sq.ft in 2017, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49% to Rs 500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 550 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pothur

Pothur village has a total of 98 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 550 per sq.ft, which is equal to the current guideline value of Om Muruga Nagar.

• Pokkisam Boomi Nagar: Rs 550 per sq.ft (2024)
• Pokkisam Boomi Nagar Phase - II: Rs 550 per sq.ft (2024)
• Pokkisam Nagar: Rs 1,640 per sq.ft (2024)
• Pokkisam Nagar Extention: Rs 1,000 per sq.ft (2024)
• Pokkisham Nagar Extension-II: Rs 1,100 per sq.ft (2024)
• Pothigai Avenue: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Om Muruga 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 at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total cost for these fees to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Om Muruga Nagar?

The Sub Registrar Office that covers Om Muruga 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 Pothur

The guideline value is a crucial factor in the registration process when buying or selling property in Pothur. It serves as a benchmark for determining the minimum value of the property, which is used to calculate stamp duty and registration fees. Buyers and sellers must ensure that the sale price is not lower than the guideline value to avoid any legal issues during registration.

When registering a property, the guideline value helps in assessing the financial implications of the transaction. It ensures that the government receives appropriate revenue through stamp duty and registration fees based on the property's value, thereby maintaining transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Om Muruga Nagar?

The current guideline value of Om Muruga 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 changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification for Om Muruga Nagar?

Om Muruga Nagar falls under the Residential Class I Type - I land classification.

What are the stamp duty and registration fees for property in Om Muruga Nagar?

For a property with a guideline value of Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500.

Which Sub Registrar Office covers Om Muruga Nagar?

The Redhills Sub Registrar Office covers Om Muruga Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.