Guideline Value for Om Saravanabava Nagar Phase-I

Om Saravanabava Nagar Phase-I guideline value

The current guideline value of Om Saravanabava Nagar Phase-I is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Manapakkam village and falls under the Chengleput Joint I SRO. The land classification for this street is Residential Special Type - I.

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

The guideline value for Om Saravanabava Nagar Phase-I has seen several revisions over the years. The 2012 revision set the value at Rs 250 per sq.ft, which decreased to Rs 167 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly by 199%, reaching Rs 500 per sq.ft in the 2023 revision. The current 2024 revision maintains this value at Rs 500 per sq.ft, showing no change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, when comparing the 2012 revision to the current 2024 revision, there has been a 100% increase in the guideline value.

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 for these streets is Rs 200 per sq.ft, indicating that Om Saravanabava Nagar Phase-I's 2024 figure is above that median.

• Om Saravanabava Nagar Phase-II: Rs 200 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-I

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total fees to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers Om Saravanabava Nagar Phase-I 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 stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Om Saravanabava Nagar Phase-I?

The current guideline value of Om Saravanabava Nagar Phase-I is Rs 500 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 2012 to Rs 167 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023 and remains the same in 2024.

What is the median guideline value in Manapakkam?

The median guideline value in Manapakkam for the year 2024 is Rs 200 per sq.ft, with Om Saravanabava Nagar Phase-I's value being above this median.

What are the stamp duty and registration fees for properties in Om Saravanabava Nagar Phase-I?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty is Rs 35,000 and the registration fee is Rs 10,000, totaling Rs 45,000.

Where can I find the Sub Registrar Office for Om Saravanabava Nagar Phase-I?

The Sub Registrar Office for Om Saravanabava Nagar Phase-I is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, under the Chengleput Joint I SRO.