Guideline Value for V.O.C NAGAR 8TH STREET

V.O.C Nagar 8th Street guideline value

The current guideline value of V.O.C Nagar 8th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of V.O.C Nagar 8th Street has changed

Over the years, the guideline value of V.O.C Nagar 8th Street has seen significant changes. The earliest recorded revision in 2003 set the value at Rs 387 per sq.ft. This increased to Rs 500 per sq.ft in 2007, marking a 29% rise. The value then surged by 300% to Rs 2,000 per sq.ft in 2012. However, it dropped by 33% to Rs 1,340 per sq.ft in 2017. The subsequent revision in 2023 raised it to Rs 2,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

To summarize the revisions: from 2003 to 2007, the value increased by 29%, followed by a substantial 300% rise from 2007 to 2012. After a decline of 33% from 2012 to 2017, the value increased by 49% from 2017 to 2023. The overall increase from 2003 to 2024 is 468%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing V.O.C Nagar 8th Street's value below this median.

• V.O.C Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• V.O.C Nagar All Streets: Rs 2,200 per sq.ft (2024)
• V.O.C Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• V.O.C Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• V.O.C Nagar Extension: Rs 2,200 per sq.ft (2024)
• V.O.C Nagar 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in V.O.C Nagar 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.O.C Nagar 8th Street?

The Sub Registrar Office that covers V.O.C Nagar 8th Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is transparent and fair.

When a buyer and seller agree on a sale price, the higher of the sale price or the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of V.O.C Nagar 8th Street?

The current guideline value of V.O.C Nagar 8th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 387 per sq.ft in 2003 and reaching Rs 2,200 per sq.ft in 2024, with various increases and decreases along the way.

What is the registration office for V.O.C Nagar 8th Street?

The registration office for V.O.C Nagar 8th Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in V.O.C Nagar 8th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.

What is the land classification for V.O.C Nagar 8th Street?

V.O.C Nagar 8th Street is classified as Residential Class IV Type - I, which indicates its intended use for residential purposes.