Guideline Value for Ommakulam Medu

Ommakulam Medu guideline value

The current guideline value of Ommakulam Medu is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Ommakulam Medu has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, reflecting an 8% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, positioning Ommakulam Medu's 2024 figure below that median.

• Ommakulam medu, MRH Road (Ward-11): Rs 1,300 per sq.ft (2024)
• Om Sakthi Kalikammbal Co-Op Nagar: Rs 2,200 per sq.ft (2024)
• Otraivadai St (Ward No.30): Rs 1,600 per sq.ft (2024)
• NSS Nagar: Rs 1,600 per sq.ft (2024)
• Ottraivadai st (Ward No.2): Rs 1,600 per sq.ft (2024)
• Ottravadai Lane: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ommakulam Medu

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total cost for these fees Rs 1,17,000. 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 information.

Which Sub Registrar Office covers Ommakulam Medu?

The Ommakulam Medu area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process for property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential to note that the final cost may vary based on the actual sale price, but the guideline value provides a necessary framework for the transaction.

Frequently asked questions

What is the current guideline value of Ommakulam Medu?

The current guideline value of Ommakulam Medu is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,200 per sq.ft from 2012 to 2023, and then increased to Rs 1,300 per sq.ft in 2024, marking an overall increase of 8% from 2012 to 2024.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft, with Ommakulam Medu's current figure below this median.

What are the stamp duty and registration fees for property in Ommakulam Medu?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. Duty is charged on the higher of the guideline value or the sale price.

Which office handles the registration for Ommakulam Medu?

The Madhavaram Sub Registrar Office handles registrations for Ommakulam Medu, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.