Guideline Value for ORMES 2ND STREET

Ormes 2nd Street guideline value

The current guideline value of Ormes 2nd Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village under the Purasaivakkam SRO and is classified as Residential Class I Type - II.

How the guideline value of Ormes 2nd Street has changed

The guideline value for Ormes 2nd Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 2,800 per sq.ft. This increased significantly to Rs 8,000 per sq.ft in the 2012 revision, marking a 186% rise. However, in the 2017 revision, the value decreased to Rs 5,360 per sq.ft, a drop of 33%. The value then rose again to Rs 8,000 per sq.ft in the 2023 revision, which was a 49% increase. The most recent 2024 revision has set the guideline value at Rs 8,800 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register does not have figures for Ormes 2nd Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 214%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value across these streets is Rs 5,500 per sq.ft, placing Ormes 2nd Street's 2024 figure above this median.

• Ormes 1st Street: Rs 8,800 per sq.ft (2024)
• Ormes 3rd Street: Rs 8,800 per sq.ft (2024)
• Ormes 4th Street: Rs 8,800 per sq.ft (2024)
• Ormes Road 1st Cross Street: Rs 8,800 per sq.ft (2024)
• Ormes Road 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• Ormes Road 3rd Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Ormes 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000, leading to a total of Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ormes 2nd Street?

The Sub Registrar Office that covers Ormes 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

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

Frequently asked questions

What is the current guideline value of Ormes 2nd Street?

The current guideline value of Ormes 2nd Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 214% over the years.

What is the land classification for Ormes 2nd Street?

Ormes 2nd Street is classified as Residential Class I Type - II.

Where can I find the Purasaivakkam Sub Registrar Office?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated on properties in Ormes 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, the stamp duty for a 1,000 sq.ft plot at the current guideline value would amount to Rs 6,16,000.