Guideline Value for Cheran Street /VOC Nagar

Cheran Street /VOC Nagar guideline value

The current guideline value of Cheran Street /VOC Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal SRO, classified as Commercial Class I Type - II.

How the guideline value of Cheran Street /VOC Nagar has changed

Over the years, the guideline value of Cheran Street /VOC Nagar has seen significant changes. In 2002, the guideline value was Rs 185 per sq.ft, which increased to Rs 210 per sq.ft in 2003, marking a 14% rise. The value further increased to Rs 360 per sq.ft in 2007, reflecting a 71% change. By 2017, the value had surged to Rs 1,675 per sq.ft, showing a remarkable 365% increase from 2007.

The guideline value continued to rise, reaching Rs 2,500 per sq.ft in 2023, which was a 49% increase from 2017. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, a 10% increase from the previous year. The register has no figure for this street in 2012.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value in the village is Rs 2,090 per sq.ft, making the current guideline value of Cheran Street /VOC Nagar above that median.

• Chettshop Lane, Nagelkeni: Rs 1,980 per sq.ft (2024)
• Chettshop Lane, Thiru Nagar: Rs 1,980 per sq.ft (2024)
• Children Street, Muthamiaz Nagar: Rs 2,475 per sq.ft (2024)
• Cholan Street / Muthamzahi Nagar: Rs 2,475 per sq.ft (2024)
• Cholavaram Nagar: Rs 1,980 per sq.ft (2024)
• Cholavaram Nagar,1st Street,: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Cheran Street /VOC Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Cheran Street /VOC Nagar?

Cheran Street /VOC Nagar falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Pammal. It serves as a benchmark to determine the minimum value at which a property can be registered, ensuring that the transaction is officially documented and taxes are appropriately calculated.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of ownership. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Cheran Street /VOC Nagar?

The current guideline value of Cheran Street /VOC Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 185 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, representing an overall increase of 1386%.

What is the stamp duty rate for properties in Cheran Street /VOC Nagar?

The stamp duty rate for properties in Cheran Street /VOC Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

What is the median guideline value in Pammal?

The median guideline value in Pammal is Rs 2,090 per sq.ft, with Cheran Street /VOC Nagar's current value being above this median at Rs 2,750 per sq.ft.