Guideline Value for Oil Mill Street

Oil Mill Street guideline value

The current guideline value of Oil Mill Street in Vepery village, under the Periamet SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Oil Mill Street has changed

In the 2007 revision, the guideline value was set at Rs 600 per sq.ft. This figure saw a significant increase in the 2012 revision, rising to Rs 5,500 per sq.ft, marking an increase of 817%. However, in the 2017 revision, it decreased to Rs 3,685 per sq.ft, reflecting a drop of 33%. The value then increased again to Rs 5,500 per sq.ft in the 2023 revision, and subsequently rose to Rs 6,000 per sq.ft in the 2024 revision, representing a 9% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 900%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value is Rs 4,800 per sq.ft, positioning Oil Mill Street's 2024 figure above this median.

• Old Aduthotti Street: Rs 4,800 per sq.ft (2024)
• New Thiru Vi.Ka Nagar: Rs 2,700 per sq.ft (2024)
• Nellukallari street: Rs 4,400 per sq.ft (2024)
• Nellichalladai Street: Rs 4,800 per sq.ft (2024)
• NehruTimber Market: Rs 13,200 per sq.ft (2024)
• Parthasarathy Naidu New street: Rs 4,800 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 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total cost to Rs 5,40,000. 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 Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Vepery. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty based on this value.

When buying or selling property, the guideline value helps in assessing the legitimate price for registration. Buyers and sellers should be aware of the guideline value to avoid disputes during the registration process.

Frequently asked questions

What is the current guideline value of Oil Mill Street?

The current guideline value of Oil Mill Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 600 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, an overall increase of 900%.

What is the land classification for Oil Mill Street?

Oil Mill Street is classified as Residential Class II Type - I.

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

The Sub Registrar Office for Oil Mill Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in Oil Mill Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000.