Guideline Value for OTTAKUTHAR STREET

Ottakuthar Street guideline value

The current guideline value of Ottakuthar Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village under the Thiyagaraya nagar SRO, classified as Residential Class III Type - I.

How the guideline value of Ottakuthar Street has changed

The guideline value for Ottakuthar Street has seen significant changes over the years. In 2003, the guideline value was Rs 618 per sq.ft, which then increased to Rs 2,000 per sq.ft in 2007, marking a substantial rise of 224%. Following this, the value jumped to Rs 5,000 per sq.ft in 2012, an increase of 150%. However, in 2017, it decreased to Rs 3,350 per sq.ft, a decline of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, and most recently, it reached Rs 5,500 per sq.ft in 2024, reflecting a 10% increase.

It is important to note that there is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 790%.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO with the 2024 guideline values ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, placing Ottakuthar Street's value below this median.

• Padavattamman Koil Street: Rs 4,400 per sq.ft (2024)
• Padavattamman Koil Street (West): Rs 4,400 per sq.ft (2024)
• Old Mambalam Road: Rs 8,800 per sq.ft (2024)
• Palmore Street: Rs 4,400 per sq.ft (2024)
• NEW STREET (School): Rs 7,700 per sq.ft (2024)
• Pandian Street Northern Side Of Fifth Main Road: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ottakuthar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, leading to a total of Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ottakuthar Street?

The Sub Registrar Office that covers Ottakuthar Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Mambalam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government collects the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Ottakuthar Street?

The current guideline value of Ottakuthar Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 618 per sq.ft in 2003 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 790% over this period.

What is the median guideline value in Mambalam?

The median guideline value for streets in Mambalam is Rs 6,600 per sq.ft, with Ottakuthar Street's value being below this median.

What are the stamp duty and registration fees for property in Ottakuthar Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 55,00,000, the total fees would amount to Rs 4,95,000.

Which office handles property registrations for Ottakuthar Street?

The Thiyagaraya nagar Sub Registrar Office handles property registrations for Ottakuthar Street, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.