Guideline Value for ORMES STREET & ROAD

Ormes Street & Road guideline value

The current guideline value for Ormes Street & Road is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Ormes Street & Road has changed

The guideline value for Ormes Street & Road has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 2,800 per sq.ft. This increased significantly to Rs 12,000 per sq.ft in the 2012 revision, marking a rise of 329%. However, the value decreased to Rs 8,040 per sq.ft in 2017, reflecting a decline of 33%. The most recent revisions show a jump to Rs 12,000 per sq.ft in 2023, followed by a further increase to Rs 13,200 per sq.ft in 2024, which is a 10% rise from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 371%. The 2024 figure of Rs 13,200 per sq.ft is notably above the median value of Rs 5,500 per sq.ft for the 519 streets in Purasaivakkam under the Purasaivakkam SRO.

Guideline values in Purasaivakkam

In Purasaivakkam, the guideline values range from Rs 2,200 to Rs 18,100 per sq.ft as per the 2024 revision. The street's current guideline value is above the median of Rs 5,500 per sq.ft. Below are the guideline values for other streets in Purasaivakkam:

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

Stamp duty and registration fee for property in Ormes Street & Road

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, totaling Rs 11,88,000. 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 more details.

Which Sub Registrar Office covers Ormes Street & Road?

The Sub Registrar Office that covers Ormes Street & Road 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 calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in determining the minimum price at which a property can be registered. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations and to avoid any legal issues during the transaction process.

Frequently asked questions

What is the current guideline value for Ormes Street & Road?

The current guideline value for Ormes Street & Road is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 2,800 per sq.ft in 2007 to Rs 13,200 per sq.ft in 2024, reflecting an overall increase of 371% over the years.

What is the land classification for Ormes Street & Road?

The land classification for Ormes Street & Road is Residential Special Type - I, indicating its suitability for residential development.

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 the stamp duty calculated for properties in Ormes Street & Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a stamp duty of Rs 9,24,000 at 7%.