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 2 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

In the 2023 revision, the guideline value for Olitta Rajani Road was Rs 8,000 per sq.ft. The increase from 2023 to 2024 is 9%, bringing the current value to Rs 8,700 per sq.ft. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017.

The 2024 figure of Rs 8,700 per sq.ft reflects a notable increase compared to the previous year's value. The consistent updates in the guideline values indicate the evolving nature of property assessments in this area.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for the area is Rs 8,800 per sq.ft, making the current value of Olitta Rajani Road below the 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 amounts to Rs 87,00,000. The stamp duty at 7% would be Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total cost for these fees to Rs 7,83,000. It is important to note that 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 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 more information.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore Part 2. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration.

When a property transaction occurs, the guideline value serves as a reference point for calculating the applicable fees. Buyers and sellers should be aware that the fees are based on the higher of the guideline value or the sale price, ensuring that the correct amount is paid during the registration process.

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 has changed from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, reflecting a 9% increase. The register has no figure for this street in the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 2?

The median guideline value in Mylapore Part 2 is Rs 8,800 per sq.ft, which means the current value of Olitta Rajani Road is below this median.

What are the stamp duty and registration fees for properties in Olitta Rajani Road?

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 87,00,000. The stamp duty at 7% is Rs 6,09,000, and the registration fee at 2% is Rs 1,74,000, totaling Rs 7,83,000.

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

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.