Guideline Value for V.O.C. STREET

V.O.C. Street guideline value

The current guideline value of V.O.C. Street in Medavakkam village is Rs 1,540 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

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

The guideline value for V.O.C. Street has seen several revisions over the years. In 2012, the value was Rs 1,400 per sq.ft, which then decreased to Rs 938 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,400 per sq.ft in 2023, and currently stands at Rs 1,540 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%, while the change from 2012 to 2017 was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. V.O.C. Street's current guideline value is below this median.

• Vivekandhar Street: Rs 2,200 per sq.ft (2024)
• White Field: Rs 4,110 per sq.ft (2024)
• Vishnu Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Vinoth Street: Rs 2,200 per sq.ft (2024)
• Vinayaka Nagar: Rs 2,200 per sq.ft (2024)
• Yerikkarai Street: Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value would be Rs 15,40,000. The stamp duty at 7% would amount to Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, bringing the total to Rs 1,38,600. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers V.O.C. Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035, Chennai registration zone.

You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process of property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the officially recognized value of the property.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered, thus facilitating a transparent transaction process.

Frequently asked questions

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

The current guideline value of V.O.C. Street is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,400 per sq.ft in 2012 to Rs 938 per sq.ft in 2017, then increased to Rs 1,400 per sq.ft in 2023, and is now Rs 1,540 per sq.ft in 2024.

What is the land classification of V.O.C. Street?

V.O.C. Street is classified as Residential Class IV Type - I.

What is the registration office for V.O.C. Street?

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

How is stamp duty calculated for properties on V.O.C. Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 15,40,000, the stamp duty would be Rs 1,07,800 at 7%.