Guideline Value for Olitta Rajani Road

Olitta Rajani Road guideline value

The current guideline value of Olitta Rajani Road is Rs 8,700 per sq.ft, effective from 1 July 2024. This road is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Olitta Rajani Road has changed

The guideline value for Olitta Rajani Road has seen several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 8,000 per sq.ft, which increased to Rs 8,700 per sq.ft in the 2024 revision, marking a change of +9%.

With the latest revision in 2024, the current guideline value is Rs 8,700 per sq.ft. This reflects the ongoing adjustments made to the property values in the area, ensuring they align with market conditions.

Guideline values in Mylapore Part 1

In Mylapore Part 1, a total of 333 streets under the Chennai Central Joint I SRO have a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Olitta Rajani Road's guideline value is below this median.

• Pachiappan Naicken street: Rs 8,700 per sq.ft (2024)
• North Gopalapuram 2nd Street: Rs 13,200 per sq.ft (2024)
• North Gopalapuram 1st Street: Rs 13,200 per sq.ft (2024)
• Padmavathi Salai @ Jaipur Colony: Rs 15,400 per sq.ft (2024)
• Parasuram Nagar (North South): Rs 8,700 per sq.ft (2024)
• Parthasarathy Avenue: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Olitta Rajani Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be Rs 87,00,000. The stamp duty at 7% would amount to Rs 6,09,000, while the registration fee at 2% would be Rs 1,74,000. Together, these fees total Rs 7,83,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Olitta Rajani Road?

The Sub Registrar Office that covers Olitta Rajani Road is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor when registering property transactions in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transfer of property ownership.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Olitta Rajani Road?

The current guideline value of Olitta Rajani Road is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Olitta Rajani Road was Rs 8,000 per sq.ft in 2023 and increased to Rs 8,700 per sq.ft in 2024, reflecting a change of +9%.

What is the land classification for Olitta Rajani Road?

Olitta Rajani Road is classified as Residential Class I Type - III according to the land classification regulations.

What are the stamp duty and registration fees for property transactions?

The stamp duty for property transactions is 7% of the guideline value, while the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office located for Olitta Rajani Road?

The Sub Registrar Office for Olitta Rajani Road is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.