Guideline Value for Om Shakthi Nagar (S.No.145, 142/2)

Om Shakthi Nagar (S.No.145, 142/2) guideline value

The current guideline value of Om Shakthi Nagar (S.No.145, 142/2) is Rs 1,650 per sq.ft, effective from 1 July 2024. This property is located in Erumaiyur village and falls under the Padappai SRO with a land classification of Mixed Type - I.

How the guideline value of Om Shakthi Nagar (S.No.145, 142/2) has changed

The guideline value for Om Shakthi Nagar has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,500 per sq.ft. This was followed by a decrease in the 2017 revision to Rs 1,005 per sq.ft, a significant drop of 33%. The value then increased to Rs 1,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has set the guideline value at Rs 1,650 per sq.ft, which is a 10% increase 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, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Erumaiyur

Erumaiyur village has 21 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,300 per sq.ft. The median value for these streets is Rs 940 per sq.ft, placing Om Shakthi Nagar's 2024 figure above this median.

• Mannadiyamman Koil Street: Rs 550 per sq.ft (2024)
• Royal Enclave: Rs 2,200 per sq.ft (2024)
• Kumaran Nagar: Rs 440 per sq.ft (2024)
• Sastha Garden: Rs 440 per sq.ft (2024)
• Keerthi Nagar: Rs 940 per sq.ft (2024)
• Sobha Blossom: Rs 4,300 per sq.ft (2024)

Stamp duty and registration fee for property in Om Shakthi Nagar (S.No.145, 142/2)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total charges to Rs 1,48,500. Duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Om Shakthi Nagar (S.No.145, 142/2)?

The Om Shakthi Nagar (S.No.145, 142/2) property falls under the Padappai Sub Registrar Office located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Erumaiyur. It serves as a standard reference for determining the minimum price at which properties can be sold or bought, ensuring transparency in property dealings.

When you register a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives its due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Om Shakthi Nagar?

The current guideline value of Om Shakthi Nagar (S.No.145, 142/2) is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Om Shakthi Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total charges would be Rs 1,48,500.

Which office handles property registrations for Om Shakthi Nagar?

The Padappai Sub Registrar Office handles property registrations for Om Shakthi Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum price for property transactions and is essential for calculating stamp duty and registration fees during the registration process.