Guideline Value for Oil Mill Street

Oil Mill Street guideline value

The current guideline value of Oil Mill Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Oil Mill Street has changed

The guideline value for Oil Mill Street has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in 2017. The value then increased significantly to Rs 3,000 per sq.ft in 2023, and finally rose to Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, while there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current value of Oil Mill Street.

• Old SBI Colony Road 1st Street: Rs 3,300 per sq.ft (2024)
• Old SBI Colony Road 2nd Street: Rs 3,300 per sq.ft (2024)
• Old SBI Colony Road 3rd Street: Rs 3,300 per sq.ft (2024)
• Old SBI Colony Road 4th Street: Rs 3,300 per sq.ft (2024)
• Old State Bank Colony Main Road: Rs 4,400 per sq.ft (2024)
• Nithyanantham Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Oil Mill Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Oil Mill Street?

The Sub Registrar Office that covers Oil Mill Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

The guideline value is a crucial factor in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to assess the applicable duties, ensuring that both the buyer and seller are aware of the financial obligations involved in the transfer of ownership. This helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Oil Mill Street?

The current guideline value of Oil Mill Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification for Oil Mill Street?

Oil Mill Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Oil Mill Street?

The Sub Registrar Office for Oil Mill Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Tambaram?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.