Guideline Value for OTHAVAADAI STREET

Othavaadai Street guideline value

The current guideline value of Othavaadai Street in Iyyappanthangal village is Rs 1,980 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Othavaadai Street has changed

The guideline value for Othavaadai Street has seen significant changes over the years. In 2007, the value was Rs 300 per sq.ft, which increased dramatically to Rs 1,800 per sq.ft in 2012, marking a 500% rise. However, from 2012 to 2017, the value decreased to Rs 1,206 per sq.ft, a decline of 33%. The value then rose again to Rs 1,800 per sq.ft in 2023, and most recently, it has been revised to Rs 1,980 per sq.ft in 2024, reflecting a 10% increase.

Looking at the overall changes, from 2007 to 2024, the guideline value has increased by 560%. The register has no figures for Othavaadai Street for the years 2002 and 2003.

Guideline values in Iyyappanthangal

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

• Othavaadai 2nd Street: Rs 1,980 per sq.ft (2024)
• Othavaadai 1st 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total 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, totaling 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.

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

Which Sub Registrar Office covers Othavaadai Street?

The Sub Registrar Office that covers Othavaadai 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 is a critical factor in the registration process when buying or selling property in Iyyappanthangal. It serves as a reference point for calculating the stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately in the official records, reflecting the monetary value of the property. This process is essential for legal ownership and transfer of property rights.

Frequently asked questions

What is the current guideline value of Othavaadai Street?

The current guideline value of Othavaadai 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 300 per sq.ft in 2007 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 560% over the years.

What is the stamp duty rate for properties in Othavaadai Street?

The stamp duty rate for properties in Othavaadai Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Othavaadai Street?

The Sub Registrar Office for Othavaadai 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.

What are the other streets in Iyyappanthangal with similar guideline values?

Other streets in Iyyappanthangal with similar guideline values include Othavaadai 1st Street, Othavaadai 2nd Street, and Nathan Nagar Main Road, all at Rs 1,980 per sq.ft in 2024.