Guideline Value for ORMES 4TH STREET

Ormes 4th Street guideline value

The current guideline value of Ormes 4th 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 4th Street has changed

The guideline value for Ormes 4th Street has seen several revisions over the years. In 2007, the value was Rs 2,800 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012, marking a rise of 186%. However, the value then decreased to Rs 5,360 per sq.ft in 2017, a drop of 33%. The 2023 revision set the value at Rs 8,000 per sq.ft, and the latest revision in 2024 increased it to Rs 8,800 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 214%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, which means that the 2024 guideline value of Ormes 4th Street is above the median.

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

For a 1,000 sq.ft plot at the current rate of Rs 8,800 per sq.ft, the guideline value would be Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ormes 4th Street?

The Sub Registrar Office that covers Ormes 4th Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

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 and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ormes 4th Street?

The current guideline value of Ormes 4th 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 4th Street?

Ormes 4th Street is classified as Residential Class I Type - II.

Where is the Purasaivakkam Sub Registrar Office located?

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

How is stamp duty calculated in Purasaivakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 88,00,000, the stamp duty would be calculated accordingly.