Guideline Value for V.O.C. STREET

V.O.C. Street guideline value

The current guideline value of V.O.C. Street in Saidapet village is Rs 3,300 per sq.ft, effective from 1 July 2024. This property falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

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

Over the years, the guideline value of V.O.C. Street has seen several revisions. The earliest recorded figure is from 2002, when it 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 to Rs 1,300 per sq.ft in 2007, which was a 61% increase from the previous year. The 2012 revision saw a significant jump to Rs 3,000 per sq.ft, reflecting a 131% increase. However, in 2017, the guideline value dropped to Rs 2,010 per sq.ft, a decrease of 33%. The 2023 revision recorded a value of Rs 3,000 per sq.ft, which then increased to Rs 3,300 per sq.ft in the 2024 revision, representing a 10% rise.

Between 2002 and 2024, the overall increase in the guideline value is 413%. There are no figures available for the revisions in years other than those specified.

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, with a median value of Rs 4,400 per sq.ft. V.O.C. Street's 2024 guideline value is below this median.

• V.O.C. Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Nagar 1st 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. 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 be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers V.O.C. 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 during property transactions in Saidapet. It is the minimum value set by the government for property registration, ensuring that the property is not sold for less than this value. Buyers and sellers must consider this value when negotiating sale prices, as it directly affects the stamp duty and registration fees.

When registering a property, the guideline value is used to calculate the applicable fees. This means that both buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration 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 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, marking an overall increase of 413% over the years.

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

V.O.C. Street is classified as Residential Class III Type - I under the Chennai South Joint II SRO.

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

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 33,00,000 would incur a stamp duty of Rs 2,31,000.

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

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