Guideline Value for Ottar Palayam 7th Street

Ottar Palayam 7th Street guideline value

The current guideline value of Ottar Palayam 7th Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Class III Type - III.

How the guideline value of Ottar Palayam 7th Street has changed

The guideline value for Ottar Palayam 7th Street has seen several revisions over the years. In 2007, the value was Rs 3,800 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012, a decrease of 33%. The value then rose again to Rs 2,680 per sq.ft in 2017, followed by a significant increase to Rs 4,000 per sq.ft in 2023, marking a 49% rise. The latest revision in 2024 set the value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 16%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 4,900 per sq.ft, placing the 2024 value of Ottar Palayam 7th Street below this median.

• Ottar Palayam 6th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 8th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 5th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 9th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 4th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 3rd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ottar Palayam 7th Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the 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, totaling Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ottar Palayam 7th Street?

The Sub Registrar Office that covers Ottar Palayam 7th Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value is a critical factor during property transactions in Kodambakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When buying or selling property, the guideline value helps determine the legal value of the property being transferred. It is essential for both buyers and sellers to be aware of this value to ensure compliance with legal requirements during registration.

Frequently asked questions

What is the current guideline value of Ottar Palayam 7th Street?

The current guideline value of Ottar Palayam 7th 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 3,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, with several revisions in between, including a significant increase of 49% from 2017 to 2023.

What is the median guideline value in Kodambakkam?

The median guideline value in Kodambakkam is Rs 4,900 per sq.ft, which means the value of Ottar Palayam 7th Street is below this median.

What are the stamp duty and registration fees for properties in this area?

Stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 44,00,000, the total fees would be Rs 3,96,000.

Where is the Sub Registrar Office located for Ottar Palayam 7th Street?

The Sub Registrar Office for Ottar Palayam 7th Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.