Guideline Value for Om Shakthi Nagar Phase II

Om Shakthi Nagar Phase II guideline value

The current guideline value of Om Shakthi Nagar Phase II is Rs 830 per sq.ft, effective from 1 July 2024. This area is located in Padappai village, under the Padappai Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - I.

How the guideline value of Om Shakthi Nagar Phase II has changed

Over the years, the guideline value for Om Shakthi Nagar Phase II has seen several revisions. The 2012 revision listed the value at Rs 750 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 502 per sq.ft. The value remained at Rs 750 per sq.ft until the 2023 revision, which increased it to Rs 750 per sq.ft. The most recent revision in 2024 raised the value to Rs 830 per sq.ft, marking an increase of 11% from the previous year.

From the 2017 revision to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO, with guideline values ranging from Rs 440 to Rs 4,000 per sq.ft. The median value is Rs 830 per sq.ft, which is equal to the guideline value of Om Shakthi Nagar Phase II.

• Om Shakthi Nagar: Rs 830 per sq.ft (2024)
• Ottirai Vadai Street: Rs 830 per sq.ft (2024)
• Officers Colony: Rs 830 per sq.ft (2024)
• N.S.K.Street: Rs 830 per sq.ft (2024)
• N.G.O. Colony: Rs 1,320 per sq.ft (2024)
• Panchayat Union Salai: Rs 1,320 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 830 per sq.ft, the total guideline value would be Rs 8,30,000. The stamp duty at 7% would amount to Rs 58,100, and the registration fee at 2% would be Rs 16,600, bringing the total to Rs 74,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for accurate calculations.

Which Sub Registrar Office covers Om Shakthi Nagar Phase II?

The Om Shakthi Nagar Phase II area falls under the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Padappai. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of Om Shakthi Nagar Phase II?

The current guideline value of Om Shakthi Nagar Phase II is Rs 830 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revision in 2024 increasing it to Rs 830 per sq.ft. The value was Rs 750 per sq.ft in 2023, Rs 502 per sq.ft in 2017, and Rs 750 per sq.ft in 2012.

What is the land classification for Om Shakthi Nagar Phase II?

The land classification for Om Shakthi Nagar Phase II is Residential Class III Type - I.

Where can I find the Padappai Sub Registrar Office?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai.

How is stamp duty calculated for properties in Padappai?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 8,30,000, the stamp duty would be Rs 58,100 at 7%.