Guideline Value for Ottar Palayam 2nd Street

Ottar Palayam 2nd Street guideline value

The current guideline value of Ottar Palayam 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar SRO, classified as Residential Class III Type - III.

How the guideline value of Ottar Palayam 2nd Street has changed

The guideline value for Ottar Palayam 2nd Street has undergone several revisions over the years. In the 2017 revision, the value was Rs 2,680 per sq.ft, which increased to Rs 4,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

Prior to 2017, the 2012 revision also recorded a value of Rs 4,000 per sq.ft, while the 2007 revision was Rs 3,800 per sq.ft, showing a modest increase of 5%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are a total of 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, which means that the 2024 guideline value for Ottar Palayam 2nd Street is below this median.

• Ottar Palayam 1st Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 3rd Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 13th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 4th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 12th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 5th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ottar Palayam 2nd 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 amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ottar Palayam 2nd Street?

The Sub Registrar Office that covers Ottar Palayam 2nd Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official value set by the government.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property must be registered. This ensures transparency and compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Ottar Palayam 2nd Street?

The current guideline value of Ottar Palayam 2nd 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 from Rs 2,680 per sq.ft in 2017 to Rs 4,400 per sq.ft in 2024, with various increments and decrements in between, including a 49% increase from 2017 to 2023.

What are the other streets in Kodambakkam with the same guideline value?

Other streets in Kodambakkam, such as Ottar Palayam 1st Street, Ottar Palayam 3rd Street, and others, also have a guideline value of Rs 4,400 per sq.ft for 2024.

How is stamp duty calculated for properties in Ottar Palayam 2nd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Ashok Nagar Sub Registrar Office located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. For more information, you can use the provided link to find your SRO.