Guideline Value for V.O.C. 1st Street, Ponniammanmedu (Ward-21)

V.O.C. 1st Street, Ponniammanmedu (Ward-21) guideline value

The current guideline value of V.O.C. 1st Street, Ponniammanmedu (Ward-21) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of V.O.C. 1st Street, Ponniammanmedu (Ward-21) has changed

In the 2012 revision, the guideline value was set at Rs 1,500 per sq.ft. This figure saw a significant decrease in the 2017 revision, dropping to Rs 1,005 per sq.ft, which was a decline of 33%. However, from 2017 to 2023, the value increased dramatically to Rs 1,500 per sq.ft, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for V.O.C. 1st Street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO carrying a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, which is equal to the 2024 figure for V.O.C. 1st Street.

• V.O.C. 2nd St (Ward No.21): Rs 1,600 per sq.ft (2024)
• V.N.G.Road (Ward No.2): Rs 1,300 per sq.ft (2024)
• V.O.C. 3rd Street (Ward 22): Rs 1,600 per sq.ft (2024)
• V.N.G. Road (Ward-02): Rs 1,300 per sq.ft (2024)
• V.N.G. Nagar / Street: Rs 1,300 per sq.ft (2024)
• V.O.C. Cross St (Ward No.21): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in V.O.C. 1st Street, Ponniammanmedu (Ward-21)

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total Rs 1,44,000. Duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.O.C. 1st Street, Ponniammanmedu (Ward-21)?

The Sub Registrar Office that covers V.O.C. 1st Street, Ponniammanmedu (Ward-21) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madhavaram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of property ownership. This helps maintain transparency in property transactions.

Frequently asked questions

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

The current guideline value of V.O.C. 1st Street, Ponniammanmedu (Ward-21) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

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

V.O.C. 1st Street is classified as Residential Class II Type - I under the Madhavaram SRO.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in V.O.C. 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,600 per sq.ft would incur a total fee of Rs 1,44,000, including stamp duty and registration fees.