Guideline Value for Olimbic Colony

Olimbic Colony guideline value

The current guideline value of Olimbic Colony is Rs 7,100 per sq.ft. This area is located in Mugappair village under the Konnur Sub Registrar Office (SRO), and the land classification is Residential Special Type - I.

How the guideline value of Olimbic Colony has changed

The guideline value for Olimbic Colony has seen several revisions over the years. In 2002, the value was Rs 433 per sq.ft, which increased to Rs 476 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,500 per sq.ft in 2007, and then it jumped to Rs 6,500 per sq.ft in 2012. However, this figure decreased to Rs 4,355 per sq.ft in 2017. The value then rose sharply to Rs 6,500 per sq.ft in 2023, and the most recent revision in 2024 set the guideline value at Rs 7,100 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2007 to 2012 was a remarkable 333%, while the increase from 2003 to 2007 was 215%. Overall, from 2002 to 2024, the guideline value has increased by 1540%.

Guideline values in Mugappair

Mugappair village has 224 streets under the Konnur SRO, with a 2024 guideline value range from Rs 3,300 to Rs 8,800 per sq.ft. The median value is Rs 7,100 per sq.ft, which is equal to the guideline value of Olimbic Colony.

• Officer Colony: Rs 7,100 per sq.ft (2024)
• Oori Salai(Mugappair East Block 10): Rs 7,100 per sq.ft (2024)
• Nolambur Main Road: Rs 7,100 per sq.ft (2024)
• Pakkiathammal Nagar: Rs 7,100 per sq.ft (2024)
• Pakkiathammal Nagar2rd Corss Street & 3rd Cross Street: Rs 7,100 per sq.ft (2024)
• Palani Street, Rajaji Nagar: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Olimbic Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Olimbic Colony?

The Sub Registrar Office that covers Olimbic Colony is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Mugappair. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property in this area, it is essential to be aware of the current guideline value, as it impacts the overall cost of the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any complications during the registration process.

Frequently asked questions

What is the current guideline value of Olimbic Colony?

The current guideline value of Olimbic Colony is Rs 7,100 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 433 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 1540% over the years.

What is the land classification for Olimbic Colony?

The land classification for Olimbic Colony is Residential Special Type - I, which is designated for residential purposes.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Olimbic Colony is 7% of the guideline value or the sale price, whichever is higher.

Where is the Konnur Sub Registrar Office located?

The Konnur Sub Registrar Office is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.