Guideline Value for Ormes Road

Ormes Road guideline value

The current guideline value of Ormes Road is Rs 15,000 per sq.ft, effective from 1 July 2024. This road is located in Egmore village under the Periamet SRO, classified as Residential Class I Type - I.

How the guideline value of Ormes Road has changed

The guideline value for Ormes Road has seen several revisions over the years. The 2007 revision set the value at Rs 3,000 per sq.ft, which increased significantly to Rs 13,700 per sq.ft in 2012, marking a 357% rise. However, the value dropped to Rs 9,179 per sq.ft in 2017, a decrease of 33%. The 2023 revision brought the value back up to Rs 13,700 per sq.ft, and the most recent 2024 revision has further increased it to Rs 15,000 per sq.ft, reflecting a 9% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 400%.

Guideline values in Egmore

In Egmore village, there are 465 streets under the Periamet SRO, with guideline values ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, placing Ormes Road's 2024 guideline value above this median.

• OsanKulam: Rs 2,800 per sq.ft (2024)
• Omres road 4th cross street: Rs 13,400 per sq.ft (2024)
• Omres road 3rd cross street: Rs 13,400 per sq.ft (2024)
• Omres lane: Rs 13,400 per sq.ft (2024)
• PachiyappanCollege HostelStree: Rs 13,500 per sq.ft (2024)
• Old JailWardenQuarters: Rs 6,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ormes Road

For a 1,000 sq.ft plot at the current guideline value of Rs 15,000 per sq.ft, the total guideline value amounts to Rs 1,50,00,000. The stamp duty at 7% would be Rs 10,50,000, and the registration fee at 2% would be Rs 3,00,000, totaling Rs 13,50,000. It is important to note that the 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 information.

Which Sub Registrar Office covers Ormes Road?

The Sub Registrar Office covering Ormes Road is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

When buying or selling property in Egmore, the guideline value is used as a reference for determining the stamp duty and registration fees. The registration process requires that these fees be calculated based on the higher of the guideline value or the actual sale price of the property.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the costs associated with property transactions. This ensures that all parties are informed and prepared for the financial obligations involved in the registration process.

Frequently asked questions

What is the current guideline value of Ormes Road?

The current guideline value of Ormes Road is Rs 15,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 3,000 per sq.ft in 2007 to Rs 15,000 per sq.ft in 2024, marking an overall increase of 400% over the years.

What are the stamp duty and registration fees for properties on Ormes Road?

For a property valued at Rs 1,50,00,000, the stamp duty would be Rs 10,50,000 and the registration fee would be Rs 3,00,000, totaling Rs 13,50,000.

Which Sub Registrar Office handles transactions for Ormes Road?

The Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003, handles transactions for Ormes Road.

What is the land classification for Ormes Road?

Ormes Road is classified as Residential Class I Type - I, indicating its suitability for residential development.