Guideline Value for PROJECT ARAN

Project Aran guideline value

The current guideline value for Project Aran is Rs 4,000 per sq.ft, effective from 1 July 2024. This project is located in Ottiyampakkam village, under the Selaiyur SRO, and falls under the Residential Special Type - III land classification.

How the guideline value of Project Aran has changed

The guideline value for Project Aran has seen significant changes over the years. In the 2017 revision, the value was set at Rs 2,500 per sq.ft. This increased to Rs 3,732 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 raised the guideline value further to Rs 4,000 per sq.ft, reflecting a 7% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 60%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Ottiyampakkam

In Ottiyampakkam, there are 88 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 4,300 per sq.ft. The median value for these streets is Rs 1,950 per sq.ft, placing Project Aran's 2024 guideline value above this median.

• Ponniamman Koil Street: Rs 1,950 per sq.ft (2024)
• Ponniamman Koil Cross Street: Rs 1,950 per sq.ft (2024)
• Rajendra Prasad: Rs 1,950 per sq.ft (2024)
• Rajendra Prasad Street: Rs 1,950 per sq.ft (2024)
• Ramakrishnan Street: Rs 1,950 per sq.ft (2024)
• Reddiyambakkam Main Road: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Project Aran

For a 1,000 sq.ft plot at the current guideline value of Rs 4,000 per sq.ft, the total guideline value amounts to Rs 40,00,000. The stamp duty at 7% would be Rs 2,80,000, and the registration fee at 2% would be Rs 80,000, bringing the total to Rs 3,60,000. It is important to note that 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 Project Aran?

The Sub Registrar Office that covers Project Aran 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. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Ottiyampakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is set by the Registration Department and is updated periodically to reflect changes in the market.

When selling property, the guideline value helps establish a baseline for the sale price. Buyers and sellers often refer to this value to ensure that the transaction is compliant with local regulations and to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value for Project Aran?

The current guideline value for Project Aran is Rs 4,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,500 per sq.ft in 2017 to Rs 4,000 per sq.ft in 2024, marking a total increase of 60% over this period.

What are the guideline values for other streets in Ottiyampakkam?

Other streets in Ottiyampakkam have guideline values ranging from Rs 1,650 to Rs 1,950 per sq.ft in 2024, with the median value being Rs 1,950 per sq.ft.

What fees are associated with buying property in Project Aran?

When buying property in Project Aran, buyers should expect to pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Project Aran located?

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