Guideline Value for OVVAIYAR STREET

Ovvaiyar Street guideline value

The current guideline value of Ovvaiyar Street is Rs 1,950 per sq.ft, effective from 1 July 2024. This street is located in Ottiyampakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Ovvaiyar Street has changed

The guideline value for Ovvaiyar Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,800 per sq.ft. This figure remained unchanged until the 2017 revision, where it dropped to Rs 1,206 per sq.ft. However, from 2017 to the 2023 revision, there was a significant increase to Rs 1,800 per sq.ft, followed by a further rise to Rs 1,950 per sq.ft in the 2024 revision.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The changes between the revisions are as follows: from 2012 to 2017, there was a decrease of 33%; from 2017 to 2023, an increase of 49%; and from 2023 to 2024, an increase of 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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. The median value for these streets is Rs 1,950 per sq.ft, which is the same as the guideline value for Ovvaiyar Street.

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

Stamp duty and registration fee for property in Ovvaiyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,950 per sq.ft, the total 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 cost to Rs 1,75,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ovvaiyar Street?

The Sub Registrar Office that covers Ovvaiyar 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 is a crucial factor in property transactions within Ottiyampakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. When a buyer and seller agree on a sale price, the higher of the sale price or the guideline value will be used to calculate the stamp duty and registration fees.

Understanding the guideline value is essential for both buyers and sellers, as it directly affects the costs associated with property registration. It is advisable to check the latest guideline values before engaging in any property transactions to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Ovvaiyar Street?

The current guideline value of Ovvaiyar 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 changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,950 per sq.ft in 2024.

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

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total costs would amount to Rs 1,75,500.

Which Sub Registrar Office covers Ovvaiyar Street?

The Selaiyur Sub Registrar Office covers Ovvaiyar Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value for properties. It is essential for calculating stamp duty and registration fees based on the higher of the guideline value or the agreed sale price.