Guideline Value for V.O.C STREET

V.O.C Street guideline value

The current guideline value of V.O.C Street in Kolathuvancheri village is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

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

The guideline value for V.O.C Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and most recently, it has risen to Rs 1,320 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

To summarize the changes: from 2017 to 2023, there was a 49% increase, while the change from 2012 to 2017 saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which means V.O.C Street's 2024 value is below that median.

• Visuvasa Nagar: Rs 990 per sq.ft (2024)
• Vijayalakshmi Avenue / Nagar: Rs 2,200 per sq.ft (2024)
• Vijayalakshmi Avenue 2nd Street: Rs 2,200 per sq.ft (2024)
• Vijayalakshmi Avenue 1st Street: Rs 2,200 per sq.ft (2024)
• V.G.N. Manai Pirivu: Rs 1,650 per sq.ft (2024)
• Venkateswar Avenue: Rs 1,650 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees together to Rs 1,18,800. 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 precise calculations.

Which Sub Registrar Office covers V.O.C Street?

The Sub Registrar Office that covers V.O.C Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathuvancheri. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the sale price or the guideline value, whichever is higher, is used to calculate the applicable duties and 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 Street?

The current guideline value of V.O.C Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification of V.O.C Street?

V.O.C Street is classified as Residential Class IV Type - I.

Where is the Sub Registrar Office for V.O.C Street located?

The Sub Registrar Office for V.O.C Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Kolathuvancheri?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7%, and the registration fee is 2% of the guideline value or sale price.