Guideline Value for Ovvai Nagar

Ovvai Nagar guideline value

The current guideline value of Ovvai Nagar is Rs 850 per sq.ft, effective from 1 July 2024. This area is located in Selaiyur village, under the Selaiyur Sub Registrar Office (SRO). The land classification for this street is Residential Class V Type - I.

How the guideline value of Ovvai Nagar has changed

The guideline value for Ovvai Nagar has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 800 per sq.ft in 2012, marking a 167% rise. However, between 2012 and 2017, the value decreased to Rs 536 per sq.ft, reflecting a decline of 33%. The value then rose to Rs 800 per sq.ft in 2023, before reaching the current figure of Rs 850 per sq.ft in 2024, which is a 6% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 183%. The revisions for the years 2002 and 2003 have no figures recorded for this street in the register.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO, with a 2024 guideline value range from Rs 850 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Ovvai Nagar's current guideline value below this median.

• Palaiyathaman Street: Rs 950 per sq.ft (2024)
• Palaiyathan Street: Rs 1,600 per sq.ft (2024)
• New BalajiNagar Kannadasan 3rd Cross Street: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar Kannadasan 2nd Cross Street: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar Kannadasan 1st Cross Street: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar Ext: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Ovvai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 850 per sq.ft, the total guideline value would be Rs 8,50,000. The stamp duty at 7% would amount to Rs 59,500, while the registration fee at 2% would be Rs 17,000, bringing the total cost for these fees to Rs 76,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ovvai Nagar?

The Sub Registrar Office that covers Ovvai Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Selaiyur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the transaction is recorded accurately and complies with local regulations.

It is important for buyers and sellers to be aware of the current guideline value as it can significantly affect the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during property dealings in Selaiyur.

Frequently asked questions

What is the current guideline value of Ovvai Nagar?

The current guideline value of Ovvai Nagar is Rs 850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 850 per sq.ft in 2024, reflecting an overall increase of 183% over the years.

What is the land classification for Ovvai Nagar?

Ovvai Nagar is classified as Residential Class V Type - I, indicating its designation for residential use.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 850 per sq.ft would incur a total fee of Rs 76,500.