Guideline Value for Oowaiyar Street

Oowaiyar Street guideline value

The current guideline value of Oowaiyar Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Meenambakkam village under the Pammal SRO, classified as Residential Class II Type - I.

How the guideline value of Oowaiyar Street has changed

The guideline value for Oowaiyar Street has seen significant changes over the years. In 2002, the value was Rs 275 per sq.ft, which increased to Rs 321 per sq.ft in 2003, marking a 17% rise. The value then grew slightly to Rs 340 per sq.ft in 2007, a 6% increase. The most notable jump occurred between 2007 and 2017, where the value surged to Rs 2,010 per sq.ft, reflecting a remarkable 491% increase. However, there is no figure available for this street in the 2012 revision.

From 2017 to 2023, the guideline value rose to Rs 3,000 per sq.ft, indicating a 49% increase. The latest revision in 2024 has set the value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1100%.

Guideline values in Meenambakkam

In Meenambakkam, there are 17 streets under the Pammal SRO that carry a guideline value for 2024, ranging from Rs 1,650 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Oowaiyar Street's 2024 figure below that median.

• Pandian Street: Rs 3,300 per sq.ft (2024)
• Rajeev Gandhi Street: Rs 1,650 per sq.ft (2024)
• Kumaran Street: Rs 3,850 per sq.ft (2024)
• Kasi Garden: Rs 3,850 per sq.ft (2024)
• Kamaraj Street: Rs 4,400 per sq.ft (2024)
• G.S.T. Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Oowaiyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Oowaiyar Street?

The Sub Registrar Office that covers Oowaiyar Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Meenambakkam. It serves as a benchmark for calculating the stamp duty and registration fees that are required to be paid during the transaction. This ensures that the government receives appropriate revenue from property transactions.

When a buyer or seller approaches the registration office, the property is assessed based on the guideline value. The fees are calculated based on this value or the sale price, whichever is higher, ensuring that the transaction is recorded accurately and legally.

Frequently asked questions

What is the current guideline value of Oowaiyar Street?

The current guideline value of Oowaiyar Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 275 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1100% over the years.

What are the other streets in Meenambakkam with their guideline values?

Other streets in Meenambakkam include Pandian Street at Rs 3,300 per sq.ft, Rajeev Gandhi Street at Rs 1,650 per sq.ft, Kumaran Street at Rs 3,850 per sq.ft, Kasi Garden at Rs 3,850 per sq.ft, Kamaraj Street at Rs 4,400 per sq.ft, and G.S.T. Road at Rs 8,800 per sq.ft.

What are the stamp duty and registration fees for property in Oowaiyar Street?

The stamp duty for a property valued at Rs 33,00,000 would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers Oowaiyar Street?

The Pammal Sub Registrar Office covers Oowaiyar Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone.