Guideline Value for V.O.C. STREET

V.O.C. Street guideline value

The current guideline value of V.O.C. Street in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

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

Over the years, the guideline value of V.O.C. Street has experienced several revisions. The 2007 revision recorded a value of Rs 2,910 per sq.ft, which then increased to Rs 4,000 per sq.ft in 2012, marking a rise of 37%. However, in the 2017 revision, the value decreased to Rs 2,680 per sq.ft, reflecting a drop of 33%. The subsequent 2023 revision saw a significant increase to Rs 4,000 per sq.ft, and the latest 2024 revision shows a further increase to Rs 4,400 per sq.ft, representing a 10% rise from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has risen by 51%. It is important to note that there are no figures recorded for V.O.C. Street in the revisions of 2002 and 2003.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for V.O.C. Street is above this median.

• V.P.G Avenue 1 St Street: Rs 3,900 per sq.ft (2024)
• V.P.G Avenue 2 Nd Street: Rs 3,900 per sq.ft (2024)
• V.P.G Avenue 3 Rd Street: Rs 3,900 per sq.ft (2024)
• V.P.G.Avenue 4th Street: Rs 3,900 per sq.ft (2024)
• V.P.G.Avenue 5th Street: Rs 3,900 per sq.ft (2024)
• V.P.G.Avenue 6th Street: Rs 3,900 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 further calculations.

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

The Sub Registrar Office that covers V.O.C. Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government collects appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for completing the transaction. Buyers should be aware that these fees are calculated on the higher of the guideline value or the actual sale price of the property.

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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,910 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 51% over the years.

What are the guideline values of other streets in Okkiyamthuraipakkam?

Other streets in Okkiyamthuraipakkam have guideline values ranging from Rs 3,900 per sq.ft, which is lower than that of V.O.C. Street.

What fees are applicable when buying property in V.O.C. Street?

When buying property in V.O.C. Street, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for V.O.C. Street located?

The Sub Registrar Office for V.O.C. Street is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.