Guideline Value for Ottar Palayam 8th Street

Ottar Palayam 8th Street guideline value

The current guideline value of Ottar Palayam 8th 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. The land classification for this area is Residential Class III Type - III.

How the guideline value of Ottar Palayam 8th Street has changed

The guideline value for Ottar Palayam 8th 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. However, it then decreased to Rs 2,680 per sq.ft in 2017. Following this, the value rose significantly to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft as of the 2024 revision. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, there was a substantial increase of 49%. The value then rose by 10% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 16%.

Guideline values in Kodambakkam

Kodambakkam village has 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 value for these streets is Rs 4,900 per sq.ft, placing Ottar Palayam 8th Street's 2024 figure below this median.

• Ottar Palayam 7th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 9th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 6th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 5th 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 8th Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to 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, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ottar Palayam 8th Street?

The Sub Registrar Office covering Ottar Palayam 8th Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a critical factor when it comes to the registration of property transactions in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the buying or selling process.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the transaction is accurately recorded and that the appropriate fees are collected by the government.

Frequently asked questions

What is the current guideline value of Ottar Palayam 8th Street?

The current guideline value of Ottar Palayam 8th 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 decrease to Rs 2,680 per sq.ft in 2017 and an increase to Rs 4,000 per sq.ft in 2023.

What is the median guideline value in Kodambakkam?

The median guideline value for streets in Kodambakkam is Rs 4,900 per sq.ft, which is higher than the current value of Ottar Palayam 8th Street.

What fees are involved in property transactions?

When purchasing property, buyers must pay stamp duty, which is typically 7% of the guideline value, and a registration fee of 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Ottar Palayam 8th Street located?

The Sub Registrar Office for Ottar Palayam 8th Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.