Guideline Value for Om Sakthi Nagar

Om Sakthi Nagar guideline value

The current guideline value of Om Sakthi Nagar, located in Nemilicherry village under the Pallavaram SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is 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 several revisions over the years. In 2007, the guideline value was Rs 250 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a remarkable increase of 900%. However, this value saw a decline to Rs 1,675 per sq.ft in 2017, a decrease of 33%. Following this, the value rose to Rs 2,500 per sq.ft in 2023, and further increased to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 1000%.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry 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 is above this median.

• Om Sakthi Nagar II: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees together to Rs 2,47,500. It is important to note that 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?

Om Sakthi Nagar falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the 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 a crucial factor in the registration process of property transactions in Nemilicherry. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is documented accurately in accordance with government regulations.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal ownership transfer. Buyers should be aware that these fees are based on the higher value between the guideline value and the sale price.

Frequently asked questions

What is the current guideline value of Om Sakthi Nagar?

The current guideline value of Om Sakthi Nagar 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 250 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, showing a significant increase over the years.

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

Other streets in Nemilicherry include Om Sakthi Nagar II at Rs 2,750 per sq.ft, Padmanabhan Street and Padmavathi Street both at Rs 2,160 per sq.ft, and Nethaji Street, Nemilicheri Road, and Nemilicheri Mettu Street all at Rs 2,420 per sq.ft.

What is the registration fee and stamp duty for properties in Om Sakthi Nagar?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 27,50,000, the total fees would be Rs 2,47,500.

Which office handles the registration for Om Sakthi Nagar?

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