Guideline Value for Ottravadai Street (ward 7)

Ottravadai Street (ward 7) guideline value

The current guideline value of Ottravadai Street (ward 7) is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Kolapakkam village under the Pammal SRO, classified as Residential Class IV Type - I.

How the guideline value of Ottravadai Street (ward 7) has changed

In the 2017 revision, the guideline value for Ottravadai Street was Rs 1,005 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in the 2023 revision, marking a change of 49%. The latest revision in 2024 sees the guideline value rise to Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%. The register has no figure for this street for the years 2002, 2003, 2007, and 2012.

Guideline values in Kolapakkam

Kolapakkam village has a total of 111 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Ottravadai Street (ward 7) is below this median.

• Ottravadai Street (ward 6): Rs 1,650 per sq.ft (2024)
• Padmavathi Nagar: Rs 2,750 per sq.ft (2024)
• Nutech Inscape: Rs 3,080 per sq.ft (2024)
• Pallavaram Main Road (ward 6): Rs 2,200 per sq.ft (2024)
• Nehru Street: Rs 1,980 per sq.ft (2024)
• Pattammal Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Ottravadai Street (ward 7)

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. Duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ottravadai Street (ward 7)?

The Sub Registrar Office that covers Ottravadai Street (ward 7) is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. To find your SRO, click here.

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

The guideline value is a crucial factor in the registration process of properties in Kolapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the appropriate stamp duty and registration fees are collected based on this value.

When buying or selling property, the guideline value helps in establishing a fair value for the transaction. It is important for both buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements and to avoid any legal issues during the transaction.

Frequently asked questions

What is the current guideline value of Ottravadai Street (ward 7)?

The current guideline value of Ottravadai Street (ward 7) is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,005 per sq.ft in 2017 to Rs 1,500 per sq.ft in 2023, and then to Rs 1,650 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What are the guideline values for other streets in Kolapakkam?

Other streets in Kolapakkam have varying guideline values, with rates ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft.

What are the stamp duty and registration fees for properties in Ottravadai Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Ottravadai Street (ward 7)?

The Sub Registrar Office for Ottravadai Street (ward 7) is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075. You can find your SRO by following the appropriate link.