Guideline Value for Om Ganapathy Nagar

Om Ganapathy Nagar guideline value

The current guideline value of Om Ganapathy Nagar is Rs 935 per sq.ft, effective from 1 July 2024. This area is located in Malayambakkam village under the Kunrathur SRO and is classified as Residential Class I Type - I.

How the guideline value of Om Ganapathy Nagar has changed

The guideline value for Om Ganapathy Nagar has undergone several revisions over the years. In 2007, the value was Rs 250 per sq.ft, which increased significantly to Rs 850 per sq.ft in 2012. However, it then decreased to Rs 569 per sq.ft in 2017. The 2023 revision saw a rise to Rs 850 per sq.ft, followed by another increase to Rs 935 per sq.ft in 2024. The register has no figures for the years 2002 and 2003 for this street.

Between the revisions, the changes were notable. From 2007 to 2012, there was an increase of 240%, followed by a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023. The most recent change from 2023 to 2024 represents a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 274%.

Guideline values in Malayambakkam

In Malayambakkam, there are 82 streets under the Kunrathur SRO that have a 2024 guideline value ranging from Rs 450 to Rs 2,750 per sq.ft. The median value for these streets is Rs 935 per sq.ft, which aligns with the guideline value of Om Ganapathy Nagar.

• Om Jai Sai Avenue: Rs 935 per sq.ft (2024)
• Palla Street: Rs 880 per sq.ft (2024)
• Papa City: Rs 800 per sq.ft (2024)
• Paradise: Rs 2,310 per sq.ft (2024)
• Pari Garden: Rs 935 per sq.ft (2024)
• Pattammal Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Om Ganapathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 935 per sq.ft, the total guideline value would be Rs 9,35,000. The stamp duty at 7% would amount to Rs 65,450, and the registration fee at 2% would be Rs 18,700, bringing the total fees together to Rs 84,150. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Om Ganapathy Nagar?

The Sub Registrar Office that covers Om Ganapathy Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration of property transactions in Malayambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction reflects a fair value based on the area’s current market conditions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers should be aware of the guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Om Ganapathy Nagar?

The current guideline value of Om Ganapathy Nagar is Rs 935 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 935 per sq.ft in 2024, with several revisions in between, including a decrease and subsequent increases in value.

What is the land classification of Om Ganapathy Nagar?

Om Ganapathy Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Om Ganapathy Nagar?

The Sub Registrar Office for Om Ganapathy Nagar is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for properties in Om Ganapathy Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 9,35,000, the stamp duty would be Rs 65,450 at a rate of 7%.