Guideline Value for Om Mahalakshmi nagar

Om Mahalakshmi nagar guideline value

The current guideline value of Om Mahalakshmi nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Poonthamallee village, under the Poonamallee SRO, and is classified as Residential Class II Type - I.

How the guideline value of Om Mahalakshmi nagar has changed

Over the years, the guideline value of Om Mahalakshmi nagar has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was a decrease of 33% from the previous revision in 2017, where the value was Rs 1,340 per sq.ft. The 2023 revision increased the value to Rs 2,000 per sq.ft, followed by a further increase of 10% in the 2024 revision, bringing the current value to Rs 2,200 per sq.ft. The register has no figure for the years 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. This reflects the changes in property valuation trends in the area.

Guideline values in Poonthamallee

Poonthamallee village has 257 streets under the Poonamallee SRO, with the 2024 guideline values ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value is Rs 2,200 per sq.ft, which matches the guideline value of Om Mahalakshmi nagar.

• Om Mahalakshmi Nagar Residency Layout Phase II: Rs 2,760 per sq.ft (2024)
• Othandeeswarar Nagar: Rs 2,200 per sq.ft (2024)
• North mada street: Rs 2,200 per sq.ft (2024)
• Palani nagar: Rs 2,200 per sq.ft (2024)
• Palankottai street: Rs 3,250 per sq.ft (2024)
• New street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Om Mahalakshmi nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Om Mahalakshmi nagar?

The Sub Registrar Office covering Om Mahalakshmi nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar, Poonamallee, Chennai - 600056. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Poonthamallee. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is used to determine the minimum value at which the property can be registered. This ensures that all transactions are conducted transparently and fairly, reflecting the market conditions in the area.

Frequently asked questions

What is the current guideline value of Om Mahalakshmi nagar?

The current guideline value of Om Mahalakshmi nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase of 10% from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. The value has increased overall by 10% from 2012 to 2024.

What is the land classification of Om Mahalakshmi nagar?

Om Mahalakshmi nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Poonamallee Sub Registrar Office?

The Poonamallee Sub Registrar Office is located at No.332 U + 9cc Malma Nagar, Poonamallee, Chennai - 600056.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 1,98,000.