Guideline Value for V.O.C. Lane

V.O.C. Lane guideline value

The current guideline value of V.O.C. Lane in Erukancherry village is Rs 2,500 per sq.ft, effective from 1 July 2024. This street falls under the Madhavaram SRO and is classified as Residential Class III Type - I.

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

The guideline value for V.O.C. Lane has seen several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft, which later dropped to Rs 1,541 per sq.ft in the 2017 revision. The 2023 revision increased the value to Rs 2,300 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,500 per sq.ft.

Examining the changes between these revisions, we see a significant increase of 49% from 2017 to 2023 and a 9% increase from 2023 to 2024. Notably, the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO with a guideline value for 2024 ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value is Rs 2,500 per sq.ft, which is equal to the guideline value of V.O.C. Lane.

• V.O.C. Street: Rs 2,500 per sq.ft (2024)
• Vivekanandha 1st Street: Rs 3,000 per sq.ft (2024)
• Vivekananda Nagar Extension: Rs 3,000 per sq.ft (2024)
• Vivekananda Nagar 1st Link Street: Rs 3,000 per sq.ft (2024)
• V.V. Giri Street: Rs 2,200 per sq.ft (2024)
• Visalakshi Street: Rs 2,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers V.O.C. Lane 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 Erukancherry

The guideline value is a crucial factor in property transactions in Erukancherry, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Understanding the guideline value helps in accurately estimating the total expenses involved in buying or selling property in the area.

Frequently asked questions

What is the current guideline value of V.O.C. Lane?

The current guideline value of V.O.C. Lane is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the classification of V.O.C. Lane?

V.O.C. Lane is classified as Residential Class III 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 the stamp duty calculated for properties in V.O.C. Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at 7%.