Guideline Value for OTHAVADAI STREET, NEW VGN LAKSHMI NAGAR

Othavadai Street, New Vgn Lakshmi Nagar guideline value

The current guideline value of Othavadai Street, New Vgn Lakshmi Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Madanandapuram village under the Kunrathur SRO, and it falls under the Residential Special Type - II land classification.

How the guideline value of Othavadai Street, New Vgn Lakshmi Nagar has changed

The guideline value for Othavadai Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,200 per sq.ft, which was a decrease of 33% from the 2017 revision's figure of Rs 2,144 per sq.ft. The 2023 revision increased the value to Rs 3,200 per sq.ft, and the latest 2024 revision has further raised it to Rs 3,520 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no recorded figures for Othavadai Street in the revisions for the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madanandapuram

Madanandapuram has a total of 94 streets under the Kunrathur SRO, with guideline values ranging from Rs 2,530 to Rs 5,830 per sq.ft. The median guideline value for these streets is Rs 3,520 per sq.ft, which is equal to the current guideline value of Othavadai Street.

• Parvathy Avenue: Rs 3,520 per sq.ft (2024)
• Muthu Nagar: Rs 3,520 per sq.ft (2024)
• Ponni Amman Koil Street: Rs 3,190 per sq.ft (2024)
• Muthu Mari Amman Annex: Rs 3,520 per sq.ft (2024)
• Ponni Nagar: Rs 3,520 per sq.ft (2024)
• Mugalivakkam Road: Rs 5,830 per sq.ft (2024)

Stamp duty and registration fee for property in Othavadai Street, New Vgn Lakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value would be Rs 35,20,000. The stamp duty at 7% would amount to Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total to Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Othavadai Street, New Vgn Lakshmi Nagar?

The Sub Registrar Office covering Othavadai Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Madanandapuram. When buying or selling property, the guideline value serves as a basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

Frequently asked questions

What is the current guideline value of Othavadai Street?

The current guideline value of Othavadai Street, New Vgn Lakshmi Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent being Rs 3,520 per sq.ft in 2024, up from Rs 3,200 per sq.ft in 2023, which was a 10% increase. The value has increased by 49% from Rs 2,144 per sq.ft in 2017 to 2023.

What is the land classification for Othavadai Street?

Othavadai Street is classified as Residential Special Type - II, which indicates its designated use for residential purposes within the area.

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

The Kunrathur Sub Registrar Office, which covers Othavadai Street, is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for properties in Madanandapuram?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 35,20,000 would incur a stamp duty of Rs 2,46,400 at 7%.