Guideline Value for OTTRAI VADAI STREET

Ottrai Vadai Street guideline value

The current guideline value of Ottrai Vadai Street is Rs 1,950 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village, under the Chennai South Joint II SRO, and is classified as Residential Class III Type - I.

How the guideline value of Ottrai Vadai Street has changed

Starting from the 2003 revision, the guideline value for Ottrai Vadai Street was Rs 751 per sq.ft. This figure increased to Rs 1,100 per sq.ft in 2007, showing a rise of 46%. The 2012 revision saw the value remain at Rs 1,750 per sq.ft, which was a significant increase of 59% from the previous revision. However, in 2017, the value dropped to Rs 1,172 per sq.ft, reflecting a decrease of 33%. The 2023 revision set the value at Rs 1,750 per sq.ft, which then increased to Rs 1,950 per sq.ft in 2024, marking an increase of 11%.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 160%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft, with a median value of Rs 3,100 per sq.ft. Ottrai Vadai Street's 2024 figure is below this median.

• Pachaiappan Street: Rs 1,950 per sq.ft (2024)
• Om Eswari Street: Rs 1,950 per sq.ft (2024)
• Ohm Eswaran Street: Rs 1,950 per sq.ft (2024)
• Padmavathi Street: Rs 1,950 per sq.ft (2024)
• Palaiyakara Street: Rs 1,950 per sq.ft (2024)
• Palani Naicker Street: Rs 1,950 per sq.ft (2024)

Stamp duty and registration fee for property in Ottrai Vadai Street

For a 1,000 sq.ft plot at the current rate of Rs 1,950 per sq.ft, the guideline value amounts to Rs 19,50,000. The stamp duty at 7% would be Rs 1,36,500, and the registration fee at 2% would be Rs 39,000, bringing the total to Rs 1,75,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ottrai Vadai Street?

The Sub Registrar Office that covers Ottrai Vadai Street is the Chennai South Joint II 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 Ramapuram

The guideline value is a crucial factor in the registration of property transactions in Ramapuram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is in line with the official valuation. This process helps maintain transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Ottrai Vadai Street?

The current guideline value of Ottrai Vadai Street is Rs 1,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 751 per sq.ft in 2003, increasing to Rs 1,950 per sq.ft in 2024. The most significant change occurred between 2017 and 2023, where it rose by 49%.

What is the land classification of Ottrai Vadai Street?

Ottrai Vadai Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

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

The stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is 2% of the same. For example, for a property valued at Rs 19,50,000, the total fees would amount to Rs 1,75,500.

Which office handles property registrations for Ottrai Vadai Street?

The Chennai South Joint II Sub Registrar Office is responsible for handling property registrations for Ottrai Vadai Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.