Guideline Value for OTHAVADAI STREET

Othavadai Street guideline value

The current guideline value of Othavadai Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village, under the Chennai South Joint I SRO, and is classified as Residential Class III Type - I.

How the guideline value of Othavadai Street has changed

The guideline value for Othavadai Street has undergone several revisions over the years. In 2002, the value was Rs 822 per sq.ft, which increased to Rs 946 per sq.ft in 2003, marking a 15% rise. By 2007, the value further increased to Rs 1,300 per sq.ft, representing a 37% change. The 2012 revision saw the value rise to Rs 3,000 per sq.ft, a significant 131% increase from the previous revision. However, in 2017, the value dropped to Rs 2,010 per sq.ft, reflecting a 33% decrease. The value then increased to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 301%. There are no figures available for any other revisions for this street.

Guideline values in Saidapet

Saidapet village has a total of 52 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Othavadai Street.

• Old Mambalam Road: Rs 4,950 per sq.ft (2024)
• New Colony Main Road: Rs 4,400 per sq.ft (2024)
• New Colony 4th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Othavadai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Othavadai Street?

The Sub Registrar Office covering Othavadai 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 Saidapet

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

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the actual sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Othavadai Street?

The current guideline value of Othavadai Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, increasing from Rs 822 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 301%.

Where is the Chennai South Joint I SRO located?

The Chennai South Joint I SRO is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What are the stamp duty and registration fees for properties in Othavadai Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum price for property registration and is essential for calculating stamp duty and registration fees. It ensures that properties are registered at a value that reflects their market worth.