Guideline Value for V.O.C. NAGAR 1ST STREET

V.O.C. Nagar 1st Street guideline value

The current guideline value of V.O.C. Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of V.O.C. Nagar 1st Street has changed

The guideline value for V.O.C. Nagar 1st Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 643 per sq.ft. This increased to Rs 806 per sq.ft in 2003, marking a 25% rise. The value continued to rise, reaching Rs 1,300 per sq.ft in 2007, which was a significant 61% increase from the previous revision. In 2012, the value was Rs 3,000 per sq.ft, showing a remarkable 131% increase from 2007. However, it dropped to Rs 2,010 per sq.ft in 2017, reflecting a decrease of 33%.

From 2017 to 2023, the guideline value increased substantially to Rs 3,000 per sq.ft, which is a 49% rise. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, a 10% increase from the previous year. There are no figures available for any revisions prior to 2002 or for any years not listed in the register.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of V.O.C. Nagar 1st Street is below this median.

• V.O.C. Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Street: Rs 3,300 per sq.ft (2024)
• West Jones Road: Rs 8,250 per sq.ft (2024)
• West Tank View Street: Rs 3,300 per sq.ft (2024)
• Vinayagam Pettai Street: Rs 6,050 per sq.ft (2024)
• Vinayagam Koil Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in V.O.C. Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 information.

Which Sub Registrar Office covers V.O.C. Nagar 1st Street?

The Sub Registrar Office that covers V.O.C. Nagar 1st Street is the Chennai South Joint II 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 here.

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

The guideline value is a critical factor in the registration of property transactions in Saidapet. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. It ensures that the transaction is recorded at a value that reflects the prevailing rates in the area.

During the registration process, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and accountability in property transactions.

Frequently asked questions

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

The current guideline value of V.O.C. Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 643 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 413% over the years.

What is the stamp duty rate applicable in V.O.C. Nagar 1st Street?

The stamp duty rate applicable in V.O.C. Nagar 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the registration office for V.O.C. Nagar 1st Street?

The registration office for V.O.C. Nagar 1st Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the median guideline value for streets in Saidapet?

The median guideline value for streets in Saidapet is Rs 4,400 per sq.ft, with V.O.C. Nagar 1st Street's guideline value being below this median at Rs 3,300 per sq.ft.