Guideline Value for Oil Monger Lane Chennai-5 & Chennai-14

Oil Monger Lane Chennai-5 & Chennai-14 guideline value

The current guideline value of Oil Monger Lane Chennai-5 & Chennai-14 is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the Triplicane SRO, and is classified as Residential Class I Type - I.

How the guideline value of Oil Monger Lane Chennai-5 & Chennai-14 has changed

The guideline value for Oil Monger Lane has seen several revisions over the years. The 2012 revision set the value at Rs 6,000 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 4,020 per sq.ft. The value remained unchanged in the 2023 revision at Rs 6,000 per sq.ft before increasing to Rs 6,600 per sq.ft in the 2024 revision, reflecting a 10% increase.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value, ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, which is the same as the current value for Oil Monger Lane Chennai-5 & Chennai-14.

• Oil Monger Street Chennai-5 & Chennai-14: Rs 6,600 per sq.ft (2024)
• Office Venkatachala Mudali St: Rs 6,600 per sq.ft (2024)
• Ovuliya Saheb 1st Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 2nd Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 3rd Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 4th Lane: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Oil Monger Lane Chennai-5 & Chennai-14

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. Duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Oil Monger Lane Chennai-5 & Chennai-14?

The Sub Registrar Office covering Oil Monger Lane Chennai-5 & Chennai-14 is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road) Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Triplicane. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. This value is set by the Registration Department and is revised periodically to reflect market conditions.

When registering a property, the guideline value serves as a benchmark for calculating the applicable fees. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Oil Monger Lane Chennai-5 & Chennai-14?

The current guideline value for Oil Monger Lane Chennai-5 & Chennai-14 is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,000 per sq.ft in 2023 to Rs 6,600 per sq.ft in 2024, which is a 10% increase. It was Rs 4,020 per sq.ft in 2017 and Rs 6,000 per sq.ft in 2012, showing a significant increase of 49% from 2017 to 2023.

What is the land classification for Oil Monger Lane?

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

Where can I find the registration office for properties in this area?

The registration office for properties in Oil Monger Lane Chennai-5 & Chennai-14 is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road) Royapettah, Chennai-600014.

How is stamp duty calculated for properties in Triplicane?

Stamp duty for properties in Triplicane is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 at a rate of 7%.