Guideline Value for OTTIAMBAKKAM ODAI STREET

Ottiambakkam Odai Street guideline value

The current guideline value of Ottiambakkam Odai Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Ottiyampakkam village under the Selaiyur SRO, classified as Residential Special Type - I.

How the guideline value of Ottiambakkam Odai Street has changed

Over the years, the guideline value for Ottiambakkam Odai Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the latest revision in 2024 has further raised it to Rs 2,200 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From the 2017 to 2023 revision, there was a significant increase of 49%. The value then increased by 10% from 2023 to 2024. Overall, comparing the 2012 figure to the current 2024 value, there has been a total increase of 10%.

Guideline values in Ottiyampakkam

In Ottiyampakkam, there are 88 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 4,300 per sq.ft, with a median value of Rs 1,950 per sq.ft. Ottiambakkam Odai Street's 2024 figure of Rs 2,200 per sq.ft is above this median.

• Ottiambakkam Main Road: Rs 2,200 per sq.ft (2024)
• Ottiambakkam - Sithalapakkam Road (Gandhi Road): Rs 2,200 per sq.ft (2024)
• Otteeswarar Nagar: Rs 1,950 per sq.ft (2024)
• Otteeswarar Koil Street: Rs 1,950 per sq.ft (2024)
• Ovvaiyar Street: Rs 1,950 per sq.ft (2024)
• Nehru Street: Rs 1,950 per sq.ft (2024)

Stamp duty and registration fee for property in Ottiambakkam Odai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. It is important to note that 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 Ottiambakkam Odai Street?

The Sub Registrar Office that covers Ottiambakkam Odai Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Ottiyampakkam. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value, as it impacts the overall cost of the transaction. This value is regularly updated by the Registration Department to reflect changes in the real estate market.

Frequently asked questions

What is the current guideline value of Ottiambakkam Odai Street?

The current guideline value of Ottiambakkam Odai Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Ottiambakkam Odai Street?

Ottiambakkam Odai Street is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7%, while the registration fee is 2% of the guideline value.