Guideline Value for OMAKULA STREET

Omakula Street guideline value

The current guideline value of Omakula Street in Matthur village, under the Thiruvottiyur SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of Omakula Street has changed

The guideline value for Omakula Street has seen several revisions over the years. In 2002, the value was Rs 61 per sq.ft, which increased to Rs 72 per sq.ft in 2003, marking an 18% rise. Following this, the value rose to Rs 100 per sq.ft in 2007, reflecting a significant 39% increase. The value then surged dramatically to Rs 1,000 per sq.ft in 2012, which was a remarkable 900% increase. However, in 2017, the value decreased to Rs 670 per sq.ft, a decline of 33%. The value recovered to Rs 1,000 per sq.ft in 2023 and further increased to Rs 1,100 per sq.ft in 2024, representing a 10% rise.

There are no figures available for the revisions in years other than those listed. Overall, from 2002 to 2024, the guideline value has increased by 1,703%.

Guideline values in Matthur

In Matthur village, there are 66 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, which is equal to the 2024 guideline value for Omakula Street.

• Om Sakthi Kaligambal Co-Operative Nagar: Rs 2,200 per sq.ft (2024)
• Om Sakthi Kaligambal Co-Operative Nagar Annexe: Rs 2,200 per sq.ft (2024)
• Pada Salai Road: Rs 1,100 per sq.ft (2024)
• New Bhuvaneswari Nagar: Rs 1,100 per sq.ft (2024)
• Pangu Medu: Rs 1,100 per sq.ft (2024)
• Nethaji Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Omakula Street

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. 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 further calculations.

Which Sub Registrar Office covers Omakula Street?

The Omakula Street falls under the jurisdiction of the Thiruvottiyur Sub Registrar Office located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial figure used during the registration of property transactions in Matthur. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Omakula Street?

The current guideline value of Omakula Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Omakula Street has changed significantly from Rs 61 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 1,703%.

What is the land classification for Omakula Street?

The land classification for Omakula Street is Residential Special Type - III, indicating its designated use for residential purposes.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is the stamp duty calculated for properties in Omakula Street?

Stamp duty for properties in Omakula Street is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 11,00,000 would incur a stamp duty of Rs 77,000 at 7%.