Guideline Value for OM SAKTHI NAGAR

Om Sakthi Nagar guideline value

The current guideline value of Om Sakthi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This locality falls under Korattur village and is classified as Residential Class III Type - III. The guideline value is determined by the Villivakkam SRO.

How the guideline value of Om Sakthi Nagar has changed

Over the years, the guideline value of Om Sakthi Nagar has seen several revisions. The earliest recorded figure is from 2007, which was Rs 375 per sq.ft. This value increased significantly to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017. The 2023 revision set the guideline value at Rs 1,500 per sq.ft, which was then raised to Rs 1,600 per sq.ft in 2024. The register has no figures for the years 2002 and 2003 for this street.

From 2007 to 2012, there was a notable increase of 300%. However, from 2012 to 2017, the value decreased by 33%. The period from 2017 to 2023 saw a substantial increase of 49%. The overall change from 2007 to 2024 reflects a rise of 327% in the guideline value.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft as of 2024. The median value for these streets is Rs 2,500 per sq.ft, placing Om Sakthi Nagar's 2024 figure below that median.

• Om Sakthi Nagar (Near Pdr Nagar): Rs 2,700 per sq.ft (2024)
• Olympic Nagar: Rs 1,600 per sq.ft (2024)
• Oragadam Co-Op. Housing Colony: Rs 2,100 per sq.ft (2024)
• Old Post Office Road (New Colony): Rs 2,100 per sq.ft (2024)
• Officers Avenue: Rs 2,900 per sq.ft (2024)
• Padavattamman Nagar: Rs 1,600 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 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations based on your property.

Which Sub Registrar Office covers Om Sakthi Nagar?

The Sub Registrar Office that covers Om Sakthi Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor during property registration in Korattur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of property ownership. This ensures transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Om Sakthi Nagar?

The current guideline value of Om Sakthi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 375 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 327% over this period.

What is the land classification of Om Sakthi Nagar?

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

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

The Sub Registrar Office for Om Sakthi Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.