Guideline Value for OM SAKTHI NAGAR 1ST STREET

Om Sakthi Nagar 1st Street guideline value

The current guideline value of Om Sakthi Nagar 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Om Sakthi Nagar 1st Street has changed

The guideline value for Om Sakthi Nagar 1st Street has undergone several revisions over the years. Starting from the 2012 revision, the value was Rs 1,500 per sq.ft. In 2017, it decreased to Rs 1,005 per sq.ft, marking a decline of 33%. The 2023 revision saw an increase to Rs 1,500 per sq.ft, and the latest 2024 revision has raised it to Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

Between the 2017 and 2023 revisions, the value increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, placing Om Sakthi Nagar 1st Street's 2024 guideline value below this median.

• Om Sakthi Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Om Sakthi Nagar: Rs 1,650 per sq.ft (2024)
• Oodama Nagar: Rs 1,100 per sq.ft (2024)
• Odama Varasidhi Vinayagar Koil Street / Valliammal Nagar: Rs 1,100 per sq.ft (2024)
• Painthamil Nagar: Rs 1,320 per sq.ft (2024)
• Palaniappa Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Om Sakthi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Om Sakthi Nagar 1st Street?

The Sub Registrar Office that covers Om Sakthi Nagar 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vanagaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted transparently and fairly.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Om Sakthi Nagar 1st Street?

The current guideline value of Om Sakthi Nagar 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,650 per sq.ft in 2024, with notable changes in between, including a decrease to Rs 1,005 per sq.ft in 2017 and an increase to Rs 1,500 per sq.ft in 2023.

What are the other streets in Vanagaram with their guideline values?

Other streets in Vanagaram include Om Sakthi Nagar 2nd Street, Om Sakthi Nagar, Oodama Nagar, Odama Varasidhi Vinayagar Koil Street / Valliammal Nagar, Painthamil Nagar, and Palaniappa Nagar, with guideline values ranging from Rs 1,100 to Rs 1,650 per sq.ft in 2024.

What is the registration fee for property in Om Sakthi Nagar 1st Street?

The registration fee for property in Om Sakthi Nagar 1st Street is calculated based on the guideline value. For example, for a property valued at Rs 16,50,000, the registration fee would be Rs 33,000.

Where is the Sub Registrar Office for Om Sakthi Nagar 1st Street located?

The Sub Registrar Office covering Om Sakthi Nagar 1st Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.