Guideline Value for Om Sakthi Nagar

Om Sakthi Nagar guideline value

The current guideline value of Om Sakthi Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024. This area is located in Kovilambakkam village under the Pallavaram SRO, classified as Commercial Class I Type - II.

How the guideline value of Om Sakthi Nagar has changed

The guideline value for Om Sakthi Nagar has seen significant changes over the years. In the 2002 revision, the value was Rs 79 per sq.ft, which increased to Rs 99 per sq.ft in 2003. Following this, there was a substantial rise to Rs 350 per sq.ft in 2007, and then it jumped to Rs 2,700 per sq.ft in 2012. However, it decreased to Rs 1,809 per sq.ft in 2017, before rising again to Rs 2,700 per sq.ft in 2023.

The most recent revision in 2024 has set the guideline value at Rs 2,970 per sq.ft, marking a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 3,659%.

Guideline values in Kovilambakkam

Kovilambakkam village has 61 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, making the guideline value of Om Sakthi Nagar above this median.

• Palandiamman Koil Street: Rs 2,750 per sq.ft (2024)
• Palika Company Street: Rs 2,750 per sq.ft (2024)
• Nehru Street: Rs 2,160 per sq.ft (2024)
• Periya Kovilambakkam: Rs 2,750 per sq.ft (2024)
• Periya Kovilambakkam 1 to 6 Streets: Rs 2,750 per sq.ft (2024)
• Periyar Salai: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Om Sakthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total cost for these fees to Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Om Sakthi Nagar?

The Om Sakthi Nagar area falls under 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 Kovilambakkam

The guideline value is a crucial factor during the registration process of property transactions in Kovilambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory charges that must be paid at the time of registration. These fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Om Sakthi Nagar?

The current guideline value of Om Sakthi Nagar is Rs 2,970 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 79 per sq.ft in 2002 to Rs 2,970 per sq.ft in 2024, showing an overall increase of 3,659% over the years.

What is the registration office for Om Sakthi Nagar?

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

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900.

What are the other streets in Kovilambakkam with their guideline values?

Other streets in Kovilambakkam include Palandiamman Koil Street, Palika Company Street, Nehru Street, Periya Kovilambakkam, and Periyar Salai, with values ranging from Rs 2,160 to Rs 2,750 per sq.ft in 2024.