Guideline Value for Ottravadai Lane

Ottravadai Lane guideline value

The current guideline value of Ottravadai Lane in Madhavaram village, under the Madhavaram SRO, is Rs 1,300 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Ottravadai Lane has changed

In the 2012 revision, the guideline value for Ottravadai Lane was Rs 1,200 per sq.ft. This figure remained unchanged until the 2023 revision, which also recorded Rs 1,200 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. There are no recorded figures for the revisions in 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, indicating that Ottravadai Lane's 2024 figure is below this median.

• Ottraivadai st (Ward No.2): Rs 1,600 per sq.ft (2024)
• Ottravadai Street: Rs 1,600 per sq.ft (2024)
• Pachaiammal Nagar (Ward-29): Rs 1,300 per sq.ft (2024)
• Otraivadai St (Ward No.30): Rs 1,600 per sq.ft (2024)
• Pachaiappan Colony (Ward No.29): Rs 1,300 per sq.ft (2024)
• Pachaiappan Nagar (Ward No.29): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ottravadai Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total charges Rs 1,17,000. 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 Ottravadai Lane?

The Sub Registrar Office that covers Ottravadai Lane is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ottravadai Lane?

The current guideline value of Ottravadai Lane is Rs 1,300 per sq.ft as per the 2024 revision, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Ottravadai Lane was Rs 1,200 per sq.ft in both the 2012 and 2023 revisions. It increased to Rs 1,300 per sq.ft in the 2024 revision, marking an overall increase of 8% from 2012 to 2024.

What is the land classification of Ottravadai Lane?

Ottravadai Lane is classified as Residential Class III Type - I, indicating its designation for residential purposes within the area.

What are the stamp duty and registration fees for property in Ottravadai Lane?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Ottravadai Lane located?

The Sub Registrar Office for Ottravadai Lane is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registrations for properties in the area.