Guideline Value for Ottery Road

Ottery Road guideline value

The current guideline value of Ottery Road in Madipakkam-1 village, under the Velacheri SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Ottery Road has changed

The guideline value of Ottery Road has seen several revisions over the years. In 2017, the value was Rs 2,010 per sq.ft, which increased to Rs 3,000 per sq.ft in 2023. The most recent revision in 2024 raised the value to Rs 3,300 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. The significant changes between the revisions are a 49% increase from 2017 to 2023 and a 10% increase from 2023 to 2024.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Ottery Road's 2024 figure above this median.

• Otterry Road 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Ottery Road 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Otteri Salai (Mandaveli Street): Rs 3,300 per sq.ft (2024)
• Orange Street: Rs 1,650 per sq.ft (2024)
• Om Sakthi Street: Rs 2,750 per sq.ft (2024)
• Om Sakthi Avenue: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ottery Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. Please note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ottery Road?

The Sub Registrar Office that covers Ottery Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during property registration in Madipakkam-1. It serves as a benchmark for calculating the stamp duty and registration fees that buyers must pay when purchasing a property.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property transactions. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating duties.

Frequently asked questions

What is the current guideline value of Ottery Road?

The current guideline value of Ottery Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 2,010 per sq.ft to Rs 3,300 per sq.ft in 2024, representing a 64% increase overall.

What is the land classification for Ottery Road?

Ottery Road is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty rates for properties on Ottery Road?

The stamp duty for properties on Ottery Road is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Ottery Road located?

The Sub Registrar Office for Ottery Road is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.