Guideline Value for Om Saravanabava Nagar Phase-II

Om Saravanabava Nagar Phase-II guideline value

The current guideline value of Om Saravanabava Nagar Phase-II is Rs 200 per sq.ft, effective from 1 July 2024. This area is located in Manapakkam village and falls under the Chengleput Joint I SRO, classified as Residential Class I Type - I.

How the guideline value of Om Saravanabava Nagar Phase-II has changed

Over the years, the guideline value for Om Saravanabava Nagar Phase-II has seen several revisions. The 2012 revision set the value at Rs 200 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 134 per sq.ft, marking a decline of 33%. However, from 2017 to 2023, the value increased by 49%, bringing it back to Rs 200 per sq.ft in 2023, which was maintained in the 2024 revision as well, showing no change.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has remained stable at Rs 200 per sq.ft, indicating no overall change during this period.

Guideline values in Manapakkam

In Manapakkam, there are 11 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 500 per sq.ft. The median value among these streets is Rs 200 per sq.ft, which is equal to the 2024 figure for Om Saravanabava Nagar Phase-II.

• Om Saravanabava Nagar Phase-I: Rs 500 per sq.ft (2024)
• New Krishna Nagar: Rs 500 per sq.ft (2024)
• Kumaresan Nagar: Rs 200 per sq.ft (2024)
• Sai Jothi Avenue: Rs 254 per sq.ft (2024)
• Sakthi Garden: Rs 150 per sq.ft (2024)
• Karma Veerar Kamaraj Nagar Phase 8: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Om Saravanabava Nagar Phase-II

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, and the registration fee at 2% would be Rs 4,000, totaling Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Om Saravanabava Nagar Phase-II?

The Sub Registrar Office that covers Om Saravanabava Nagar Phase-II is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Manapakkam

The guideline value is a crucial factor during the registration of property transactions in Manapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that all transactions are compliant with local regulations.

Frequently asked questions

What is the current guideline value for Om Saravanabava Nagar Phase-II?

The current guideline value for Om Saravanabava Nagar Phase-II is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained stable at Rs 200 per sq.ft from 2012 to 2024, with a decrease to Rs 134 per sq.ft in 2017 before returning to Rs 200 per sq.ft in 2023.

What is the land classification for Om Saravanabava Nagar Phase-II?

Om Saravanabava Nagar Phase-II is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where is the Chengleput Joint I Sub Registrar Office located?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, within the Chengalpattu registration zone.

How is stamp duty calculated in Om Saravanabava Nagar Phase-II?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 2,00,000, the stamp duty would be Rs 14,000 at 7%.