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 Thiruvottiyur village and falls under the Thiruvottiyur SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Othavadai Street has changed

The guideline value for Othavadai Street has seen significant changes over the years. In 2002, the guideline value was Rs 179 per sq.ft, which increased to Rs 210 per sq.ft in 2003. Following that, there was a substantial rise to Rs 800 per sq.ft in 2007, and then it surged to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017. The value then rose again to Rs 3,000 per sq.ft in 2023 before reaching the current value of Rs 3,300 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 17% from 2002 to 2003, followed by a remarkable 281% increase from 2003 to 2007. The value then saw a 275% rise from 2007 to 2012, but it dropped by 33% from 2012 to 2017. The increase from 2017 to 2023 was 49%, and the most recent change from 2023 to 2024 is a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1,744%.

Guideline values in Thiruvottiyur

In Thiruvottiyur village, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, with rates ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current value of Othavadai Street.

• Ondikuppam: Rs 2,150 per sq.ft (2024)
• Palagai Thotti Kuppam: Rs 2,150 per sq.ft (2024)
• Palaya Kinaru Street: Rs 3,300 per sq.ft (2024)
• North Railway Station Road: Rs 3,300 per sq.ft (2024)
• North Mada Street: Rs 3,700 per sq.ft (2024)
• Pananthoppu Colony (Market Lane): Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Othavadai Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value is 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, making the total Rs 2,97,000. 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 information on calculating fees.

Which Sub Registrar Office covers Othavadai Street?

The Sub Registrar Office that covers Othavadai Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. For more details, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Thiruvottiyur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs for all transactions. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

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 much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 179 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 1,744%.

What is the land classification for Othavadai Street?

The land classification for Othavadai Street is Residential Special Type - I.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is the stamp duty calculated for properties in Othavadai Street?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty and registration fees would amount to Rs 2,97,000.