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 Arumbakkam village under the Kodambakkam SRO, and it falls under the Residential Class V Type - I land classification.

How the guideline value of Othavadai Street has changed

The guideline value of Othavadai Street has seen several revisions over the years. The earliest recorded figure is from 2002, with a value of Rs 512 per sq.ft. This increased to Rs 564 per sq.ft in 2003, marking a 10% rise. Following this, the value rose by 24% to reach Rs 700 per sq.ft in 2007. The next revision in 2012 saw a significant increase of 329%, bringing the guideline value to Rs 3,000 per sq.ft. However, this value dropped by 33% to Rs 2,010 per sq.ft in 2017. The 2023 revision recorded a value of Rs 3,000 per sq.ft, which then increased by 10% to Rs 3,300 per sq.ft in the 2024 revision.

Overall, from 2002 to 2024, the guideline value has increased by 545%. There are no figures available for any revisions other than those listed above for Othavadai Street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft, with a median value of Rs 6,000 per sq.ft. The guideline value of Othavadai Street is below this median.

• Pachaiappan Street: Rs 5,000 per sq.ft (2024)
• Padavattamman Koil Street: Rs 6,000 per sq.ft (2024)
• N.S.K. Nagar Main Road: Rs 7,100 per sq.ft (2024)
• N.S.K. Nagar 9 Street: Rs 4,400 per sq.ft (2024)
• N.S.K. Nagar 8 Street: Rs 4,400 per sq.ft (2024)
• N.S.K. Nagar 7 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 would be Rs 33,00,000. The stamp duty at 7% would amount to 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 higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Othavadai Street?

The Sub Registrar Office that covers Othavadai Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Arumbakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid. Buyers should be aware that the guideline value may differ from the actual sale price of the property.

When registering a property, the authorities will assess the guideline value to calculate the applicable duties and fees. It is essential for both buyers and sellers to understand this value as it impacts the overall cost of the transaction.

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 from Rs 512 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 545% over this period.

What is the land classification of Othavadai Street?

Othavadai Street is classified as Residential Class V Type - I under the Kodambakkam SRO.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

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

The Sub Registrar Office for Othavadai Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.