Guideline Value for Ottravadai Street

Ottravadai Street guideline value

The current guideline value of Ottravadai Street in Satthankadu village, under the Thiruvottiyur SRO, is Rs 3,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Special Type - III land classification.

How the guideline value of Ottravadai Street has changed

Since the 2007 revision, the guideline value for Ottravadai Street has seen significant changes. In 2007, the guideline value was Rs 500 per sq.ft. This increased dramatically to Rs 3,100 per sq.ft in the 2012 revision, marking a rise of 520%. However, in the 2017 revision, the value decreased to Rs 2,077 per sq.ft, a drop of 33%. The value then rose again to Rs 3,100 per sq.ft in 2023, followed by a further increase to Rs 3,400 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 580%. The revisions for the years 2002 and 2003 do not have figures recorded for Ottravadai Street.

Guideline values in Satthankadu

In Satthankadu, there are 71 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 5,500 per sq.ft, with a median value of Rs 3,400 per sq.ft. The guideline value for Ottravadai Street aligns with this median.

• Padmanabhan colony: Rs 3,400 per sq.ft (2024)
• North PRAGARAM Street: Rs 3,400 per sq.ft (2024)
• North Pattai: Rs 3,400 per sq.ft (2024)
• North Mada Street: Rs 3,400 per sq.ft (2024)
• North Lane: Rs 3,400 per sq.ft (2024)
• New Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Ottravadai Street

For a 1,000 sq.ft plot at the current rate of Rs 3,400 per sq.ft, the guideline value amounts to Rs 34,00,000. The stamp duty at 7% would be Rs 2,38,000, and the registration fee at 2% would be Rs 68,000, totaling Rs 3,06,000. It is important to note that the 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 information.

Which Sub Registrar Office covers Ottravadai Street?

The Sub Registrar Office covering Ottravadai Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Satthankadu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the fair value of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set a realistic price that aligns with the official valuation.

Frequently asked questions

What is the current guideline value of Ottravadai Street?

The current guideline value of Ottravadai Street is Rs 3,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 3,400 per sq.ft in 2024, marking an overall increase of 580% over the years.

What is the land classification of Ottravadai Street?

Ottravadai Street is classified as Residential Special Type - III under the land classification system.

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

For a property valued at Rs 34,00,000, the stamp duty would be Rs 2,38,000, and the registration fee would be Rs 68,000, totaling Rs 3,06,000.

Which Sub Registrar Office serves Ottravadai Street?

The Thiruvottiyur Sub Registrar Office serves Ottravadai Street, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.