Guideline Value for OM SAKTHI NAGAR

Om Sakthi Nagar guideline value

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

How the guideline value of Om Sakthi Nagar has changed

The guideline value for Om Sakthi Nagar has seen several revisions over the years. In 2002, the value was Rs 67 per sq.ft, which increased to Rs 105 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 500 per sq.ft in 2007, and further increased to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017, before climbing to Rs 1,500 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 1,650 per sq.ft.

Notably, the changes between revisions have varied significantly. From 2002 to 2003, there was an increase of 57%. The value surged by 376% from 2003 to 2007. The next revision from 2007 to 2012 saw a decrease of 33%. After that, the value rose by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 2363%.

Guideline values in Vanagaram

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

• Om Sakthi Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Om Sakthi Nagar 2nd Street: 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

For a property in Om Sakthi Nagar, if you have a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty charged at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees together to Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, 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 details.

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

When buying or selling property in Vanagaram, the guideline value plays a crucial role in determining the applicable stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is properly documented and taxed.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. This value is regularly updated and reflects the prevailing rates in the area, making it a vital factor in real estate dealings.

Frequently asked questions

What is the current guideline value of Om Sakthi Nagar?

The current guideline value of Om Sakthi Nagar 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 significantly, from Rs 67 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 2363% over the years.

What is the registration office for Om Sakthi Nagar?

The registration 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.

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

Stamp duty for properties in Om Sakthi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

What is the land classification of Om Sakthi Nagar?

Om Sakthi Nagar is classified as Residential Class IV Type - I, which indicates its designation for residential use within the area.