Guideline Value for Ovvaiyar Street

Ovvaiyar Street guideline value

The current guideline value of Ovvaiyar Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village under the Selaiyur SRO and is classified as Residential Class I Type - II.

How the guideline value of Ovvaiyar Street has changed

Ovvaiyar Street has seen several revisions in its guideline value over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which remained unchanged in the 2017 revision. However, in 2017, the value dropped to Rs 1,206 per sq.ft, marking a decrease of 33%. The 2023 revision increased the value to Rs 1,800 per sq.ft, and the most recent 2024 revision raised it further to Rs 1,900 per sq.ft, reflecting a 6% increase.

From 2012 to 2024, the overall change in the guideline value is an increase of 6%. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are a total of 384 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 5,000 per sq.ft. The median guideline value for these streets is Rs 2,150 per sq.ft, indicating that the 2024 figure for Ovvaiyar Street is below this median.

• Old Institute Road: Rs 880 per sq.ft (2024)
• N.T.R. Garden: Rs 950 per sq.ft (2024)
• Nizha Avenue 2nd Street: Rs 2,150 per sq.ft (2024)
• Nizha Avenue 1st street: Rs 2,150 per sq.ft (2024)
• Nizha Avenue: Rs 2,150 per sq.ft (2024)
• Nisha Avenue II: Rs 2,150 per sq.ft (2024)

Stamp duty and registration fee for property in Ovvaiyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, while the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ovvaiyar Street?

The Sub Registrar Office that covers Ovvaiyar Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Rajakilpakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value in accordance with government regulations.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are based on either the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ovvaiyar Street?

The current guideline value of Ovvaiyar Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then back to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024.

What is the land classification of Ovvaiyar Street?

Ovvaiyar Street is classified as Residential Class I Type - II.

Where is the Selaiyur Sub Registrar Office located?

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 is stamp duty calculated for properties in Ovvaiyar Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 19,00,000, the stamp duty would be Rs 1,33,000 at a rate of 7%.