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

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

The current guideline value of Oil Monger Street Chennai-5 & Chennai-14 is Rs 6,600 per sq.ft. 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 Street Chennai-5 & Chennai-14 has changed

The guideline value for Oil Monger Street has undergone several revisions over the years. The 2012 revision set the value at Rs 6,000 per sq.ft, which was then reduced to Rs 4,020 per sq.ft in the 2017 revision. However, the value saw a significant increase in the following years, reaching Rs 6,000 per sq.ft in 2023 and further rising to Rs 6,600 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase. It is important to note that there are no figures available 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 is Rs 6,600 per sq.ft, which is the same as the current value for Oil Monger Street.

• Oil Monger Lane 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 Street 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, making the total cost Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office covering Oil Monger Street 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Triplicane. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted transparently and fairly.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees that the buyer must pay. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values.

Frequently asked questions

What is the current guideline value of Oil Monger Street Chennai-5 & Chennai-14?

The current guideline value of Oil Monger Street 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, representing a 10% increase. It was Rs 4,020 per sq.ft in 2017 and Rs 6,000 per sq.ft in 2012.

What is the land classification for Oil Monger Street?

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

Where can I find the Sub Registrar Office for this street?

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

How is the stamp duty calculated for properties on Oil Monger Street?

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