Guideline Value for Ommakulam medu, MRH Road (Ward-11)

Ommakulam medu, MRH Road (Ward-11) guideline value

The current guideline value of Ommakulam medu, MRH Road (Ward-11) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Ommakulam medu, MRH Road (Ward-11) has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. This figure remained unchanged until the 2023 revision, which also recorded Rs 1,200 per sq.ft. However, the 2024 revision saw an increase to Rs 1,300 per sq.ft, marking an 8% rise from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 8%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Therefore, the only relevant revisions are from 2012, 2023, and 2024.

Guideline values in Madhavaram

The 2024 guideline values for streets in Madhavaram range from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Ommakulam medu's 2024 figure of Rs 1,300 per sq.ft is below this median.

• Ommakulam Medu: 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, MRH Road (Ward-11)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. The duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Ommakulam medu, MRH Road (Ward-11)?

The Sub Registrar Office that covers Ommakulam medu, MRH Road (Ward-11) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

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

When registering a property, the guideline value is considered to ensure that the correct fees are applied, safeguarding both the buyer and seller in the transaction process.

Frequently asked questions

What is the current guideline value of Ommakulam medu?

The current guideline value of Ommakulam medu, MRH Road (Ward-11) 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 increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 8% over this period.

What are the stamp duty and registration fees for properties 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.

Which office handles property registrations in Madhavaram?

The Madhavaram Sub Registrar Office is responsible for property registrations in the area, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Ommakulam medu?

Ommakulam medu is classified as Residential Class III Type - I, indicating its suitability for residential development.