Guideline Value for V O C Street (Nilamangai Nagar)

V O C Street (Nilamangai Nagar) guideline value

The current guideline value of V O C Street (Nilamangai Nagar) is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO and is classified as Residential Class I Type - III.

How the guideline value of V O C Street (Nilamangai Nagar) has changed

The guideline value for V O C Street (Nilamangai Nagar) has seen several revisions over the years. The oldest recorded figure is from 2012, which was Rs 3,500 per sq.ft. In 2017, this value dropped to Rs 2,345 per sq.ft, marking a decrease of 33%. The value then increased significantly to Rs 3,500 per sq.ft in 2023, and further rose to Rs 3,900 per sq.ft in 2024, representing an increase of 11% from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2024, the overall change in guideline value is an increase of 11%. Between the revisions, the most notable change was from 2017 to 2023, where the value increased by 49%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is equal to the guideline value of V O C Street (Nilamangai Nagar).

• V O C Nagar (Nilamangai Nagar): Rs 3,900 per sq.ft (2024)
• V O C Lane (Nilamangai Nagar): Rs 3,900 per sq.ft (2024)
• West Karikalan 1st Street: Rs 3,900 per sq.ft (2024)
• West Karikalan 2nd Street: Rs 3,900 per sq.ft (2024)
• West Karikalan Street: Rs 3,900 per sq.ft (2024)
• Vivekananda Street (Nilamangai Nagar): Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in V O C Street (Nilamangai Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making the total cost for these fees Rs 3,51,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V O C Street (Nilamangai Nagar)?

The Sub Registrar Office that covers V O C Street (Nilamangai Nagar) is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Adambakkam. It serves as a reference point for determining the minimum value at which properties can be sold or bought, ensuring that the transaction is recorded at a fair value.

When registering a property, buyers and sellers must consider the guideline value to calculate the applicable stamp duty and registration fees. This ensures compliance with local regulations and helps in the smooth processing of property transactions.

Frequently asked questions

What is the current guideline value of V O C Street (Nilamangai Nagar)?

The current guideline value of V O C Street (Nilamangai Nagar) is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,900 per sq.ft in 2024, an increase of 11%. It was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

What is the land classification of V O C Street (Nilamangai Nagar)?

V O C Street (Nilamangai Nagar) is classified as Residential Class I Type - III.

What is the stamp duty for property transactions in V O C Street (Nilamangai Nagar)?

The stamp duty for property transactions is 7% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs a stamp duty of Rs 2,73,000.

Which Sub Registrar Office should I visit for V O C Street (Nilamangai Nagar)?

The Alandur Sub Registrar Office covers V O C Street (Nilamangai Nagar) and is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.