Guideline Value for V.O.C 1st Street & 2nd Street

V.O.C 1st Street & 2nd Street guideline value

The current guideline value of V.O.C 1st Street & 2nd Street in Hastinapuram village is Rs 2,970 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of V.O.C 1st Street & 2nd Street has changed

The guideline value for V.O.C 1st Street & 2nd Street has undergone several revisions over the years. In 2007, the value was Rs 525 per sq.ft, which saw a significant increase to Rs 2,700 per sq.ft in 2012, marking a rise of 414%. However, this value dropped to Rs 1,809 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 2,700 per sq.ft in 2023, and finally, it stands at Rs 2,970 per sq.ft in 2024, reflecting a 10% increase from the previous year. The register has no figure for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 466%. The changes between each revision highlight fluctuations in property valuation, with the most recent 2024 figure aligning with the median value of Rs 2,970 per sq.ft for other streets in Hastinapuram.

Guideline values in Hastinapuram

Hastinapuram has a total of 277 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value across these streets is Rs 2,970 per sq.ft, which is the same as the guideline value for V.O.C 1st Street & 2nd Street. Below are other streets in Hastinapuram:

• Vivek Nagar: Rs 2,970 per sq.ft (2024)
• Vivekanada Street: Rs 3,850 per sq.ft (2024)
• Yadhaval Street: Rs 2,380 per sq.ft (2024)
• Vinobaji Nagar 9th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 8th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 7th Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in V.O.C 1st Street & 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total to Rs 2,67,300. 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 details.

Which Sub Registrar Office covers V.O.C 1st Street & 2nd Street?

The V.O.C 1st Street & 2nd Street is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 Hastinapuram

The guideline value is a crucial factor when registering property transactions in Hastinapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps establish a fair transaction price and aids in the assessment of taxes payable during the registration process. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of V.O.C 1st Street & 2nd Street?

The current guideline value of V.O.C 1st Street & 2nd Street is Rs 2,970 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 525 per sq.ft to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 466%.

What is the land classification for V.O.C 1st Street & 2nd Street?

V.O.C 1st Street & 2nd Street is classified as Residential Class I Type - I under the Pallavaram SRO.

What are the stamp duty and registration fees for property in this area?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total costs would be Rs 2,67,300.

Which office handles registrations for V.O.C 1st Street & 2nd Street?

The Pallavaram Sub Registrar Office handles registrations for V.O.C 1st Street & 2nd Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.