Guideline Value for OM SAKTHI NAGAR EXTN.

Om Sakthi Nagar Extn. guideline value

The current guideline value of Om Sakthi Nagar Extn. is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Om Sakthi Nagar Extn. has changed

The guideline value for Om Sakthi Nagar Extn. has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 85 per sq.ft. It increased to Rs 100 per sq.ft in 2003, followed by a significant jump to Rs 400 per sq.ft in 2007. The value then rose to Rs 2,000 per sq.ft in 2012, but decreased to Rs 1,340 per sq.ft in 2017. The most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft.

In terms of percentage changes, the increase from 2017 to 2024 was +64%. The value decreased by -33% from 2012 to 2017. The increase from 2007 to 2012 was +400%, while the jump from 2003 to 2007 was +300%. From 2002 to 2024, the overall increase is +2488%. It is important to note that there is no figure for this street in the 2023 revision.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Om Sakthi Nagar Extn. above this median.

• Om Sakthi Nagar: Rs 2,200 per sq.ft (2024)
• Paari Street Extension Shanthi Nagar: Rs 2,750 per sq.ft (2024)
• Padasalai Street: Rs 1,320 per sq.ft (2024)
• N.S.K. Street: Rs 1,650 per sq.ft (2024)
• Pal Ambukkan Nagar: Rs 1,320 per sq.ft (2024)
• Palandiamman Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Om Sakthi Nagar Extn.

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Om Sakthi Nagar Extn.?

The Sub Registrar Office that covers Om Sakthi Nagar Extn. 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 Pallikaranai

The guideline value plays a crucial role during property registration in Pallikaranai. It serves as a benchmark for determining the minimum value of a property for the purposes of stamp duty and registration fees. Buyers and sellers must ensure that the sale price is equal to or above the guideline value to avoid any legal issues during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions. It is advisable for both buyers and sellers to be aware of the current guideline value in their area to facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value of Om Sakthi Nagar Extn.?

The current guideline value of Om Sakthi Nagar Extn. is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, with an overall increase of +2488% from 2002 to 2024. The most notable change was a +400% increase from 2007 to 2012.

What is the land classification for Om Sakthi Nagar Extn.?

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

Where can I find the Sub Registrar Office for Om Sakthi Nagar Extn.?

The Sub Registrar Office for Om Sakthi Nagar Extn. is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Om Sakthi Nagar Extn.?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.