Guideline Value for V.O.C. STREET

V.O.C. Street guideline value

The current guideline value of V.O.C. Street in Perungudi village, under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

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

The guideline value for V.O.C. Street has seen significant changes over the years. In 2002, the value was Rs 214 per sq.ft, which increased to Rs 242 per sq.ft in 2003. Following this, the value experienced a substantial rise to Rs 800 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, it dropped to Rs 1,675 per sq.ft in 2017, before climbing back to Rs 2,500 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 2,800 per sq.ft.

When examining the changes, the increase from 2023 to 2024 was +12%. The value rose by +49% from 2017 to 2023, while there was a decrease of -33% from 2012 to 2017. The increase from 2007 to 2012 was +213%, and from 2003 to 2007, it was +231%. Additionally, from 2002 to 2024, the overall increase is +1208%.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, indicating that V.O.C. Street's 2024 figure is below that median.

• Vivekananthar Street: Rs 2,800 per sq.ft (2024)
• Vinayaga Estate Salai: Rs 3,300 per sq.ft (2024)
• Vinayaga Avenue: Rs 3,300 per sq.ft (2024)
• Villiar Medu: Rs 1,100 per sq.ft (2024)
• Vijayendra Nagar: Rs 3,300 per sq.ft (2024)
• Vembuliamman Koil Street: Rs 3,300 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 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

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

The V.O.C. Street is covered by 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 further assistance.

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

The guideline value is a crucial factor during property registration in Perungudi. It serves as a benchmark for determining the minimum value of the property, ensuring that the registration reflects a fair value based on government assessments.

When buying or selling property, the guideline value influences the calculation of stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, impacting the overall cost of the transaction.

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 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the most recent increase from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024, reflecting a +12% change.

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

The registration office for 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.

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

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 28,00,000 would incur a stamp duty of Rs 1,96,000.

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

V.O.C. Street falls under the Residential Class III Type - I land classification, which is relevant for property transactions in the area.