Guideline Value for V.O.C. 2nd St ( Ward No.21 )

V.O.C. 2nd St ( Ward No.21 ) guideline value

The current guideline value of V.O.C. 2nd St ( Ward No.21 ) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of V.O.C. 2nd St ( Ward No.21 ) has changed

Over the years, the guideline value of V.O.C. 2nd St has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision, marking a drop of 33%. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 1,500 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 1,600 per sq.ft, reflecting a 7% rise from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, which is equal to the current guideline value of V.O.C. 2nd St.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total 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, bringing the total fees to Rs 1,44,000. 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 accurate calculations based on your specific property details.

Which Sub Registrar Office covers V.O.C. 2nd St ( Ward No.21 )?

The Sub Registrar Office that covers V.O.C. 2nd St ( Ward No.21 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It determines the minimum value at which the property must be registered, ensuring that the transaction is recorded at a fair value as per the local regulations.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of V.O.C. 2nd St ( Ward No.21 )?

The current guideline value of V.O.C. 2nd St ( Ward No.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. 2nd St?

V.O.C. 2nd St is classified as Residential Class II Type - I.

Which office handles property registration for V.O.C. 2nd St?

The Madhavaram Sub Registrar Office handles property registration for V.O.C. 2nd St ( Ward No.21 ).

How is the stamp duty calculated for properties in V.O.C. 2nd St?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000.