Guideline Value for Otrai Vadai Street

Otrai Vadai Street guideline value

The current guideline value of Otrai Vadai Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Nesapakkam village under the Virugambakkam SRO, and is classified as Mixed Special Type - I.

How the guideline value of Otrai Vadai Street has changed

The guideline value for Otrai Vadai Street has seen significant changes over the years. In 2002, the guideline value was Rs 448 per sq.ft, which increased to Rs 493 per sq.ft in 2003. The value then rose to Rs 1,100 per sq.ft in 2007, showing a substantial increase of 123%. Following this, the value jumped to Rs 4,000 per sq.ft in 2012, reflecting a remarkable increase of 264%. However, between 2017 and 2023, the value increased from Rs 2,680 per sq.ft to Rs 4,000 per sq.ft, marking a 49% rise. The latest revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions from 2012 to 2017 for this street. Overall, from 2002 to 2024, the guideline value has increased by 882%.

Guideline values in Nesapakkam

Nesapakkam has a total of 148 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 7,150 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, positioning Otrai Vadai Street's 2024 figure above this median.

• N.S.C. Bose Street: Rs 3,300 per sq.ft (2024)
• Pallavan Street: Rs 3,850 per sq.ft (2024)
• PERIYAR NAGAR - Balambal Street: Rs 3,850 per sq.ft (2024)
• PERIYAR NAGAR - Jagadhambal Street: Rs 3,850 per sq.ft (2024)
• PERIYAR NAGAR - Kamarajar Street: Rs 3,850 per sq.ft (2024)
• PERIYAR NAGAR - Kannammal Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Otrai Vadai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Otrai Vadai Street?

The Sub Registrar Office that covers Otrai Vadai Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Nesapakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the current guideline value, as it affects the overall cost of the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Otrai Vadai Street?

The current guideline value of Otrai Vadai Street is Rs 4,400 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 448 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 882%.

What is the stamp duty on property in Otrai Vadai Street?

The stamp duty on property in Otrai Vadai Street is 7% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 3,08,000.

Where is the Sub Registrar Office for Otrai Vadai Street located?

The Sub Registrar Office for Otrai Vadai Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Otrai Vadai Street?

Otrai Vadai Street is classified as Mixed Special Type - I, indicating its diverse land usage potential.