Guideline Value for Olive Beach

Olive Beach guideline value

The current guideline value of Olive Beach is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Enjambakkam village under the Neelankarai SRO, classified as Residential Special Type - II.

How the guideline value of Olive Beach has changed

The guideline value of Olive Beach has seen several revisions over the years. In 2007, the value was Rs 834 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012, marking a substantial rise of 500%. However, in 2017, the value decreased to Rs 3,350 per sq.ft, representing a decline of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 5,500 per sq.ft, a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 559%. The changes between the revisions highlight the fluctuations in the guideline value, with the most significant increase occurring between 2007 and 2012, and the most recent increase being from 2023 to 2024.

Guideline values in Enjambakkam

In Enjambakkam, there are 253 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 7,200 per sq.ft, with a median value of Rs 2,200 per sq.ft. Olive Beach's 2024 guideline value of Rs 5,500 per sq.ft is above this median.

• Pallavan Nagar: Rs 2,200 per sq.ft (2024)
• Panchayat Road: Rs 2,200 per sq.ft (2024)
• Pandian Nagar: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 1st STREET: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 2nd STREET: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 3rd STREET: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Olive Beach

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total charges to Rs 4,95,000. It is important to note that the 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 Olive Beach?

The Olive Beach area falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Enjambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the actual sale price.

When registering a property, the guideline value ensures that the transaction is documented at a fair value, reflecting the current market conditions. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from stamp duties.

Frequently asked questions

What is the current guideline value of Olive Beach?

The current guideline value of Olive Beach is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 834 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 559% over the years.

What are the stamp duty and registration fees for property in Olive Beach?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office covers Olive Beach?

The Neelankarai Sub Registrar Office covers Olive Beach, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification of Olive Beach?

Olive Beach is classified as Residential Special Type - II, indicating its intended use for residential purposes.