Guideline Value for OM SAKTHI NAGAR

Om Sakthi Nagar guideline value

The current guideline value of Om Sakthi Nagar 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, classified as Residential Class II Type - I.

How the guideline value of Om Sakthi Nagar has changed

The guideline value for Om Sakthi Nagar has seen significant changes over the years. In 2002, the value was Rs 107 per sq.ft, which increased to Rs 212 per sq.ft in 2003, marking an increase of 98%. By 2007, the value rose dramatically to Rs 400 per sq.ft, reflecting an increase of 89%. The 2012 revision set the value at Rs 2,000 per sq.ft, a substantial increase of 400% from the previous figure.

In 2017, the guideline value decreased to Rs 1,340 per sq.ft, a decline of 33%. However, the most recent revision in 2024 saw the value rise again to Rs 2,200 per sq.ft, which is an increase of 64% from 2017. Notably, there is no figure available for the year 2023 for this street.

Guideline values in Pallikaranai

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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, bringing the total fees together to 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Om Sakthi Nagar?

The Sub Registrar Office that covers Om Sakthi Nagar 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 in the registration process of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the transaction is compliant with legal requirements.

Frequently asked questions

What is the current guideline value of Om Sakthi Nagar?

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

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 107 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1956% over the years.

What are the stamp duty rates for property in Om Sakthi Nagar?

The stamp duty rate for property in Om Sakthi Nagar is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Om Sakthi Nagar 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.

What is the median guideline value for streets in Pallikaranai?

The median guideline value for streets in Pallikaranai is Rs 1,650 per sq.ft, with Om Sakthi Nagar's 2024 value being above this median.