Guideline Value for OM Sakthi nagar 1st cross st

OM Sakthi nagar 1st cross st guideline value

The current guideline value of OM Sakthi nagar 1st cross st is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - III.

How the guideline value of OM Sakthi nagar 1st cross st has changed

The guideline value for OM Sakthi nagar 1st cross st has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 1,005 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 1,500 per sq.ft, and the most recent revision in 2024 raised it further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value among these streets is Rs 1,650 per sq.ft, which is equal to the current guideline value for OM Sakthi nagar 1st cross st.

• OM Sakthi nagar 2nd cross st: Rs 1,650 per sq.ft (2024)
• OM Sakthi nagar 3rd cross st: Rs 1,650 per sq.ft (2024)
• Nisha Avenue Extention-1: Rs 3,520 per sq.ft (2024)
• Nisha Avenue: Rs 3,300 per sq.ft (2024)
• New Plot Extension Road: Rs 1,100 per sq.ft (2024)
• New Plot Division: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in OM Sakthi nagar 1st cross st

For 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 at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost for these fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers OM Sakthi nagar 1st cross st?

The Sub Registrar Office that covers OM Sakthi nagar 1st cross st is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the costs involved in the transaction, based on the officially recognized value of the property.

Frequently asked questions

What is the current guideline value of OM Sakthi nagar 1st cross st?

The current guideline value of OM Sakthi nagar 1st cross st 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 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for OM Sakthi nagar 1st cross st?

OM Sakthi nagar 1st cross st is classified as Residential Class I Type - III.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in OM Sakthi nagar 1st cross st is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for OM Sakthi nagar 1st cross st is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.