Guideline Value for V.O.C. NAGAR 2ND STREET

V.O.C. Nagar 2nd Street guideline value

The current guideline value of V.O.C. Nagar 2nd 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 2nd Street has changed

The guideline value for V.O.C. Nagar 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 643 per sq.ft, which increased to Rs 806 per sq.ft in 2003, marking a 25% rise. By 2007, the value saw a significant increase to Rs 1,300 per sq.ft, reflecting a 61% change. The 2012 revision brought the value back to Rs 3,000 per sq.ft, resulting in a 131% increase from the previous figure. In 2017, the value was set at Rs 2,010 per sq.ft, which was a decrease of 33% from 2012. The 2023 revision saw the value rise to Rs 3,000 per sq.ft, followed by a 10% increase to the current value of Rs 3,300 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 413%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing V.O.C. Nagar 2nd Street's 2024 figure below that median.

• V.O.C. Nagar 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees 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 the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers V.O.C. Nagar 2nd Street?

The Sub Registrar Office that covers V.O.C. Nagar 2nd 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 for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saidapet. It serves as a reference point for determining the minimum value at which a property can be registered. Buyers must be aware that the guideline value may impact the overall costs involved in the transaction.

During the registration process, the stamp duty and registration fees are calculated 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 area.

Frequently asked questions

What is the current guideline value of V.O.C. Nagar 2nd Street?

The current guideline value of V.O.C. Nagar 2nd 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 changed 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 land classification for V.O.C. Nagar 2nd Street?

The land classification for V.O.C. Nagar 2nd Street is Residential Class III Type - I.

What are the other streets in Saidapet with guideline values?

Other streets in Saidapet include V.O.C. Nagar 1st Street, V.O.C. Street, West Jones Road, West Tank View Street, Vinayagam Pettai Street, and Vinayagam Koil Street, each with their respective guideline values.

Where can I find the Sub Registrar Office for V.O.C. Nagar 2nd Street?

The Sub Registrar Office for V.O.C. Nagar 2nd 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.