Guideline Value for Ottakuthur Street (Muthamazhi Nagar)

Ottakuthur Street (Muthamazhi Nagar) guideline value

The current guideline value of Ottakuthur Street (Muthamazhi Nagar) is Rs 2,475 per sq.ft, effective from 1 July 2024. This street is located in Pammal village under the Pammal SRO, classified as Residential Class I Type - II.

How the guideline value of Ottakuthur Street (Muthamazhi Nagar) has changed

The guideline value for Ottakuthur Street has seen significant revisions over the years. In 2002, the value was Rs 242 per sq.ft, which increased to Rs 274 per sq.ft in 2003, marking a 13% rise. By 2007, the value further increased to Rs 360 per sq.ft, reflecting a 31% increase from the previous revision. The 2017 revision saw a substantial jump to Rs 1,507 per sq.ft, representing a remarkable 319% increase from 2007. The most recent revision in 2024 set the guideline value at Rs 2,475 per sq.ft, which is a 64% increase from 2017. It is important to note that the register has no figures for the years 2012 and 2023 for this street.

Overall, from 2002 to 2024, the guideline value has risen by 923%. This significant increase illustrates the changes in property valuation over the years, with the most substantial jumps occurring between 2017 and 2024, and from 2007 to 2017.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO with a guideline value for 2024 ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value is Rs 2,090 per sq.ft, placing Ottakuthur Street's 2024 figure above this median.

• Om Parasakthi Street, V.O.C Nagar: Rs 2,750 per sq.ft (2024)
• Om Parasakthi Street: Rs 1,980 per sq.ft (2024)
• Padmanabhan Street / Krishna Nagar: Rs 2,530 per sq.ft (2024)
• N.V.N Somu Street, Anna Nagar: Rs 2,750 per sq.ft (2024)
• N.T.Krishnan Street, Pasumpon Nagar: Rs 1,980 per sq.ft (2024)
• N.S.K. Street (Muthamazhi Nagar): Rs 2,475 per sq.ft (2024)

Stamp duty and registration fee for property in Ottakuthur Street (Muthamazhi Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,475 per sq.ft, the total guideline value would be Rs 24,75,000. The stamp duty at 7% would amount to Rs 1,73,250, and the registration fee at 2% would be Rs 49,500, bringing the total fees to Rs 2,22,750. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ottakuthur Street (Muthamazhi Nagar)?

The Sub Registrar Office that covers Ottakuthur Street (Muthamazhi Nagar) 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 Pammal

The guideline value is a crucial factor in the registration process of property transactions in Pammal. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When purchasing or selling property, the guideline value helps determine the minimum value at which the property can be registered. This means that even if the sale price is lower than the guideline value, the stamp duty and registration fees will be based on the guideline value.

Frequently asked questions

What is the current guideline value of Ottakuthur Street (Muthamazhi Nagar)?

The current guideline value of Ottakuthur Street (Muthamazhi Nagar) is Rs 2,475 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 242 per sq.ft in 2002 to Rs 2,475 per sq.ft in 2024, which is an overall increase of 923%.

What is the land classification for Ottakuthur Street?

Ottakuthur Street (Muthamazhi Nagar) is classified as Residential Class I Type - II.

Where can I find the Pammal Sub Registrar Office?

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

How is stamp duty calculated for properties in Pammal?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if a property has a guideline value of Rs 24,75,000, the stamp duty would be calculated on this amount if the sale price is lower.