Guideline Value for Om Sakthi Nagar II

Om Sakthi Nagar II guideline value

The current guideline value of Om Sakthi Nagar II is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Nemilicherry village under the Pallavaram SRO, classified as Commercial Class I Type - II.

How the guideline value of Om Sakthi Nagar II has changed

The guideline value for Om Sakthi Nagar II has undergone several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

From 2007 to 2012, the guideline value increased by 733%. After a decrease of 33% from 2012 to 2017, it saw a substantial rise of 49% from 2017 to 2023. The latest change from 2023 to 2024 reflects a 10% increase. Overall, the guideline value has increased by 817% from 2007 to 2024.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO carrying a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft, with a median value of Rs 2,160 per sq.ft. The guideline value for Om Sakthi Nagar II is above this median.

• Om Sakthi Nagar: Rs 2,750 per sq.ft (2024)
• Padmanabhan Street: Rs 2,160 per sq.ft (2024)
• Padmavathi Street: Rs 2,160 per sq.ft (2024)
• Nethaji Street: Rs 2,420 per sq.ft (2024)
• Nemilicheri Road: Rs 2,420 per sq.ft (2024)
• Nemilicheri Mettu Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Om Sakthi Nagar II

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. 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 Om Sakthi Nagar II?

The Sub Registrar Office that covers Om Sakthi Nagar II is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that all transactions are fairly assessed and contribute to the revenue of the state.

Frequently asked questions

What is the current guideline value of Om Sakthi Nagar II?

The current guideline value of Om Sakthi Nagar II is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, with several revisions in between, including a decrease in 2017.

What is the land classification for Om Sakthi Nagar II?

Om Sakthi Nagar II is classified as Commercial Class I Type - II under the Pallavaram SRO.

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

The Sub Registrar Office for Om Sakthi Nagar II is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for properties in Om Sakthi Nagar II?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at a rate of 7%.