Guideline Value for Ovuliya Saheb 1st Lane

Ovuliya Saheb 1st Lane guideline value

The current guideline value of Ovuliya Saheb 1st Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the jurisdiction of the Triplicane SRO, and is classified as Residential Class II Type - I.

How the guideline value of Ovuliya Saheb 1st Lane has changed

The guideline value for Ovuliya Saheb 1st Lane has seen several revisions over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 1,560 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a 221% rise. However, between 2012 and 2017, the value dropped to Rs 3,350 per sq.ft, a decrease of 33%. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, reflecting a 64% increase from 2017.

It is important to note that there are no recorded figures for the years 2023, 2003, and 2002 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 253%.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value, ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, which means that the guideline value of Rs 5,500 per sq.ft for Ovuliya Saheb 1st Lane is below the median.

• Ovuliya Saheb 2nd Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 3rd Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 4th Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 5th Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 6th Lane: Rs 5,500 per sq.ft (2024)
• Pachaiyappan Chetty Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ovuliya Saheb 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total fees together Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ovuliya Saheb 1st Lane?

The Sub Registrar Office that covers Ovuliya Saheb 1st Lane is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Triplicane. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that both the buyer and seller comply with the legal requirements.

When a property is sold, the guideline value is considered to ensure that the sale price is in line with the government’s valuation. This helps maintain transparency in property transactions and prevents undervaluation or overvaluation of properties.

Frequently asked questions

What is the current guideline value of Ovuliya Saheb 1st Lane?

The current guideline value of Ovuliya Saheb 1st Lane is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,560 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 253% over the years.

What is the land classification for Ovuliya Saheb 1st Lane?

Ovuliya Saheb 1st Lane is classified as Residential Class II Type - I.

What is the stamp duty for property in Ovuliya Saheb 1st Lane?

The stamp duty for property in Ovuliya Saheb 1st Lane is calculated at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for Ovuliya Saheb 1st Lane?

The Sub Registrar Office for Ovuliya Saheb 1st Lane is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.