Guideline Value for Othavaadai Street

Othavaadai Street guideline value

The current guideline value of Othavaadai Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Puzhal village, under the Redhills SRO, and is classified as Residential Class I Type - I.

How the guideline value of Othavaadai Street has changed

The guideline value for Othavaadai Street has undergone several revisions over the years. In 2002, the guideline value was Rs 1,264 per sq.ft, which then decreased to Rs 128 per sq.ft in 2003. Following this, the value increased significantly to Rs 400 per sq.ft in 2007, and then rose dramatically to Rs 1,500 per sq.ft in 2012. However, it saw a decrease to Rs 1,005 per sq.ft in 2017. The value then increased to Rs 1,500 per sq.ft in 2023, before reaching the current value of Rs 1,650 per sq.ft in 2024.

Between the revisions, the most notable changes include a 275% increase from 2007 to 2012, and a 49% increase from 2017 to 2023. The current guideline value reflects a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 31%.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with guideline values in 2024 ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 1,102 per sq.ft, making Othavaadai Street's 2024 figure of Rs 1,650 per sq.ft above this median.

• Padmanaba Nagar: Rs 1,100 per sq.ft (2024)
• Padma Nagar: Rs 1,100 per sq.ft (2024)
• Padmavathi Nagar: Rs 1,102 per sq.ft (2024)
• N.S.K. Street: Rs 1,650 per sq.ft (2024)
• P.A. Koil 2nd Street: Rs 2,420 per sq.ft (2024)
• P.A. Koil 3rd Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Othavaadai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for stamp duty and registration would be Rs 1,48,500. 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 further calculations.

Which Sub Registrar Office covers Othavaadai Street?

The Sub Registrar Office covering Othavaadai Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Puzhal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value helps ensure that the transaction is recorded accurately and fairly in the official records.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Othavaadai Street?

The current guideline value of Othavaadai Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,264 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting various increases and decreases over the years.

What is the land classification of Othavaadai Street?

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

What are the stamp duty and registration fees for properties in Othavaadai Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles the registration for Othavaadai Street?

The Redhills Sub Registrar Office handles the registration for Othavaadai Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.