Guideline Value for Om Sakthi Nagar 1st Street

Om Sakthi Nagar 1st Street guideline value

The current guideline value of Om Sakthi Nagar 1st Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Om Sakthi Nagar 1st Street has changed

The guideline value for Om Sakthi Nagar 1st Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 188 per sq.ft. This increased to Rs 206 per sq.ft in 2003, followed by a significant rise to Rs 700 per sq.ft in 2007. The value then saw a substantial increase to Rs 3,250 per sq.ft in 2012, which was later revised down to Rs 2,177 per sq.ft in 2017. The 2023 revision set the value at Rs 3,250 per sq.ft, and the latest revision in 2024 has increased it to Rs 3,600 per sq.ft.

Between the revisions, the changes were as follows: from 2002 to 2003, there was a +10% increase; from 2003 to 2007, a +240% increase; from 2007 to 2012, a +364% increase; from 2012 to 2017, a -33% decrease; and from 2017 to 2023, a +49% increase. Finally, from 2023 to 2024, there was an +11% increase. Overall, the guideline value has increased by +1,815% from 2002 to 2024.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value of Om Sakthi Nagar 1st Street is above this median.

• Om Sakthi Nagar 2nd Street: Rs 3,600 per sq.ft (2024)
• Om Sakthi Nagar 3rd Street: Rs 3,600 per sq.ft (2024)
• North Mada Veedhi Main Road: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 9th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 8th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 7th Cross Street: Rs 3,050 per sq.ft (2024)

Stamp duty and registration fee for property in Om Sakthi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value would be Rs 36,00,000. The stamp duty at 7% would amount to Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, making the total cost for these fees Rs 3,24,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Om Sakthi Nagar 1st Street?

The Sub Registrar Office that covers Om Sakthi Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Maduravoyal. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the current guideline value, as it can impact the overall cost of the transaction. Buyers should ensure that their sale price meets or exceeds the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Om Sakthi Nagar 1st Street?

The current guideline value of Om Sakthi Nagar 1st Street is Rs 3,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 188 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, reflecting an overall increase of +1,815% over the years.

What is the land classification of Om Sakthi Nagar 1st Street?

Om Sakthi Nagar 1st Street is classified as Residential Class I Type - II.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Om Sakthi Nagar 1st Street?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2% on the guideline value.