Guideline Value for Oungsan Street

Oungsan Street guideline value

The current guideline value of Oungsan Street is Rs 770 per sq.ft, effective from 1 July 2024. This street is located in Padiyanallur village, under the Redhills SRO, and is classified as Residential Class I Type - I.

How the guideline value of Oungsan Street has changed

The guideline value for Oungsan Street has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 171 per sq.ft. It increased significantly to Rs 400 per sq.ft in 2007, followed by a rise to Rs 700 per sq.ft in 2012. However, there was a decrease to Rs 469 per sq.ft in 2017. The value then rose to Rs 700 per sq.ft in 2023, and finally, it reached Rs 770 per sq.ft in the 2024 revision. It is important to note that the register has no figure for this street in 2002.

In terms of percentage changes, the guideline value increased by 134% from 2003 to 2007, decreased by 33% from 2012 to 2017, and then saw a substantial increase of 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2003 to 2024, the guideline value has increased by 350%.

Guideline values in Padiyanallur

In Padiyanallur, there are 132 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 385 to Rs 2,750 per sq.ft. The median value for these streets is Rs 770 per sq.ft, which matches the 2024 figure for Oungsan Street.

• N.S.C. Bose Street (Bhavani Nagar): Rs 770 per sq.ft (2024)
• Pandiyan Street (Bhavani Nagar): Rs 770 per sq.ft (2024)
• Pannariamman Koil Street (PANNEERVAKKAM COLONY): Rs 385 per sq.ft (2024)
• Panneer Selvam Street: Rs 770 per sq.ft (2024)
• Nethaji Street: Rs 1,320 per sq.ft (2024)
• Pasumpon Street: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Oungsan Street

For a 1,000 sq.ft plot at the current rate of Rs 770 per sq.ft, the guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, making the total fees together Rs 69,300. 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 Oungsan Street?

The Sub Registrar Office that covers Oungsan Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padiyanallur. It determines the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When a property transaction occurs, the guideline value ensures that the state receives appropriate revenue through these fees. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Oungsan Street?

The current guideline value of Oungsan Street is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 171 per sq.ft in 2003 to Rs 770 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Oungsan Street?

Oungsan Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Where is the Sub Registrar Office for Oungsan Street located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Oungsan Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 7,70,000 would incur a stamp duty of Rs 53,900.