Guideline Value for Rajalakshmi Street / VOC Nagar

Rajalakshmi Street / VOC Nagar guideline value

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

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

The guideline value for Rajalakshmi Street / VOC Nagar has seen significant changes over the years. 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. By 2007, the value surged to Rs 360 per sq.ft, representing a 71% increase. The 2017 revision saw a remarkable jump to Rs 1,675 per sq.ft, a 365% increase from 2007. However, there is no figure available for the year 2012.

Continuing from 2017, the guideline value rose to Rs 2,500 per sq.ft in 2023, which is a 49% increase. The most recent revision in 2024 has set the value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1386%.

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 for these streets is Rs 2,090 per sq.ft, placing Rajalakshmi Street / VOC Nagar above this median.

• Rajalingam Street: Rs 1,760 per sq.ft (2024)
• Rajalingam Street, V.O.C Nagar: Rs 2,750 per sq.ft (2024)
• Rajamanickam Street, Indira Nagar: Rs 1,980 per sq.ft (2024)
• Rajamanickam Street / Meenakshi Nagar: Rs 1,760 per sq.ft (2024)
• Rajamani Street: Rs 1,760 per sq.ft (2024)
• Rajaji Street / VOC Nagar: Rs 2,750 per sq.ft (2024)

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

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

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

Which Sub Registrar Office covers Rajalakshmi Street / VOC Nagar?

The Sub Registrar Office that covers Rajalakshmi Street / VOC Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, reflecting the true value of the property in the market.

Frequently asked questions

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

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

How much has the guideline value changed over the years?

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

What is the stamp duty rate for properties in Pammal?

The stamp duty rate for properties in Pammal is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Rajalakshmi Street / VOC Nagar?

The Sub Registrar Office for Rajalakshmi Street / VOC Nagar is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value for properties in Pammal. Stamp duty and registration fees are calculated based on this value or the sale price, ensuring proper revenue collection for property transactions.