Guideline Value for Ovuliya Saheb 6th Lane

Ovuliya Saheb 6th Lane guideline value

The current guideline value of Ovuliya Saheb 6th Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the Triplicane SRO, and is classified as Residential Class II Type - I.

How the guideline value of Ovuliya Saheb 6th Lane has changed

The guideline value for Ovuliya Saheb 6th Lane has undergone several revisions over the years. In the 2007 revision, the rate was Rs 1,560 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 3,350 per sq.ft in the 2017 revision. The value then rose to Rs 5,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 5,500 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2007 to 2012, the guideline value increased by 221%, but then it decreased by 33% from 2012 to 2017. The value saw a significant increase of 49% from 2017 to 2023, and a further increase of 10% from 2023 to 2024. Overall, the guideline value has risen by 253% from 2007 to 2024.

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, placing the 2024 guideline value of Ovuliya Saheb 6th Lane below this median.

• Ovuliya Saheb 5th Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 4th Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 3rd Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 2nd Lane: Rs 5,500 per sq.ft (2024)
• Ovuliya Saheb 1st 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 6th Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. 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 Ovuliya Saheb 6th Lane?

The Sub Registrar Office that covers Ovuliya Saheb 6th 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 is an essential metric used during the registration of property transactions in Triplicane. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of a property. This value must be considered during negotiations, as it affects the total costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Ovuliya Saheb 6th Lane?

The current guideline value of Ovuliya Saheb 6th 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 this period.

What is the land classification for Ovuliya Saheb 6th Lane?

Ovuliya Saheb 6th Lane is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000. The duty is charged on the higher of the guideline value or the sale price.

Which office handles property registrations for this area?

The Triplicane Sub Registrar Office handles property registrations for Ovuliya Saheb 6th Lane, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.