Guideline Value for Ottar Palayam 12th Street

Ottar Palayam 12th Street guideline value

The current guideline value of Ottar Palayam 12th 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, and is classified as Residential Class III Type - III.

How the guideline value of Ottar Palayam 12th Street has changed

The guideline value for Ottar Palayam 12th Street has undergone several revisions over the years. The oldest recorded revision is from 2007, where the value was Rs 3,800 per sq.ft. This increased to Rs 4,000 per sq.ft in 2012, marking a 5% increase. However, the value dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, reflecting a significant increase of 64% from the 2017 figure.

It is important to note that there are no recorded figures for the years 2023, 2003, and 2002 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 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 figure for Ottar Palayam 12th Street is below this median.

• Ottar Palayam 11th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 13th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 10th Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 1st Street: Rs 4,400 per sq.ft (2024)
• Ottar Palayam 2nd 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 12th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ottar Palayam 12th Street?

The Sub Registrar Office that covers Ottar Palayam 12th 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Kodambakkam. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property. The guideline value is set by the government and is updated periodically to reflect changes in the real estate market.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, regardless of the actual sale price.

Frequently asked questions

What is the current guideline value of Ottar Palayam 12th Street?

The current guideline value of Ottar Palayam 12th 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 several times, from Rs 3,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, with notable changes in between, including a decrease to Rs 2,680 per sq.ft in 2017.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Ottar Palayam 12th Street?

The Ashok Nagar Sub Registrar Office covers Ottar Palayam 12th Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Ottar Palayam 12th Street?

Ottar Palayam 12th Street is classified as Residential Class III Type - III, indicating its use for residential purposes.