Guideline Value for Ottar Street

Ottar Street guideline value

The current guideline value of Ottar Street in Issa Pallavaram village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Ottar Street has changed

The guideline value for Ottar Street has seen several revisions over the years. In 2003, the value was Rs 205 per sq.ft, which increased to Rs 400 per sq.ft in 2007, marking a significant rise of 95%. The value then surged to Rs 2,000 per sq.ft in 2012, reflecting a remarkable increase of 400%. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. Following this, the value rose to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision, which is a 10% increase from the previous year.

It is important to note that there is no figure available for Ottar Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 973%.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Ottar Street's 2024 figure below this median.

• Old Trank Road: Rs 11,000 per sq.ft (2024)
• New Street: Rs 4,400 per sq.ft (2024)
• New Colony: Rs 3,850 per sq.ft (2024)
• Pammal Road (MAIN): Rs 4,400 per sq.ft (2024)
• Nehru Street: Rs 2,750 per sq.ft (2024)
• Nehru Nagar First Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ottar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, resulting in Rs 1,54,000, while the registration fee is at 2%, amounting to Rs 44,000. Together, the total charges come to Rs 1,98,000. It is important to note that the 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 Ottar Street?

The Sub Registrar Office that covers Ottar Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Issa Pallavaram. It is used to determine the stamp duty and registration fees payable when buying or selling property. The higher of the guideline value or the sale price is considered for calculating these charges.

When engaging in property transactions, it is essential to be aware of the current guideline value, as it directly impacts the financial obligations associated with the registration process. Buyers and sellers should ensure they are informed about the latest revisions to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Ottar Street?

The current guideline value of Ottar Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 205 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 973% over this period.

What is the land classification for Ottar Street?

Ottar Street is classified as Residential Class II Type - I according to the current guidelines.

Where can I find the Sub Registrar Office for Ottar Street?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Ottar Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 22,00,000 incurs a stamp duty of Rs 1,54,000 at 7%.