Guideline Value for OTHAVAADAI 2ND STREET

Othavaadai 2nd Street guideline value

The current guideline value of Othavaadai 2nd Street is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Iyyappanthangal village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Othavaadai 2nd Street has changed

The guideline value for Othavaadai 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which was followed by a decrease to Rs 1,206 per sq.ft in 2017. The 2023 revision increased the value to Rs 1,800 per sq.ft, and the latest 2024 revision raised it further to Rs 1,980 per sq.ft, marking a 10% increase from the previous year.

Looking at the overall changes, from 2012 to 2024, the guideline value has increased by 10%. The significant jump occurred between 2017 and 2023, where the value rose by 49%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Othavaadai 2nd Street.

Guideline values in Iyyappanthangal

In Iyyappanthangal, there are 134 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,100 to Rs 5,610 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Othavaadai 2nd Street's 2024 figure below that median.

• Othavaadai 1st Street: Rs 1,980 per sq.ft (2024)
• Othavaadai Street: Rs 1,980 per sq.ft (2024)
• Nathan Nagar Main Road: Rs 1,980 per sq.ft (2024)
• Natesan Nagar Main Road: Rs 1,650 per sq.ft (2024)
• Natesan Nagar 3rd Street: Rs 1,650 per sq.ft (2024)
• Natesan Nagar 2nd Street: Rs 1,650 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 1,980 per sq.ft, the guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, making the total Rs 1,78,200. 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 on fees applicable to your property.

Which Sub Registrar Office covers Othavaadai 2nd Street?

The Sub Registrar Office that covers Othavaadai 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Iyyappanthangal. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

At the time of registration, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Othavaadai 2nd Street is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then back to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,980 per sq.ft in 2024.

What is the land classification for Othavaadai 2nd Street?

The land classification for Othavaadai 2nd Street is Residential Class III Type - I.

What are the stamp duty and registration fees for property in Othavaadai 2nd Street?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 1,78,200, calculated based on the guideline value of Rs 19,80,000.

Which Sub Registrar Office covers Othavaadai 2nd Street?

The Chennai South Joint I Sub Registrar Office covers Othavaadai 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.