Guideline Value for V.O.C. St (Ward-02)

V.O.C. St (Ward-02) guideline value

The current guideline value of V.O.C. St (Ward-02) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of V.O.C. St (Ward-02) has changed

The guideline value for V.O.C. St (Ward-02) has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 1,600 per sq.ft, which is a 7% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for the village is Rs 1,600 per sq.ft, which matches the current value for V.O.C. St (Ward-02).

• V.O.C. St (Ward-17): Rs 1,600 per sq.ft (2024)
• V.O.C. St (Ward-27): Rs 1,600 per sq.ft (2024)
• V.O.C. St ( Ward No.16 ): Rs 1,600 per sq.ft (2024)
• V.O.C. St ( Ward No.17 ): Rs 1,600 per sq.ft (2024)
• V.O.C. St ( Ward No.21 ): Rs 1,600 per sq.ft (2024)
• V.O.C. St ( Ward No.27 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in V.O.C. St (Ward-02)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost for these charges Rs 1,44,000. Please 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 further calculations.

Which Sub Registrar Office covers V.O.C. St (Ward-02)?

The Sub Registrar Office that covers V.O.C. St (Ward-02) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid to the government during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two values is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value for V.O.C. St (Ward-02)?

The current guideline value for V.O.C. St (Ward-02) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for V.O.C. St (Ward-02)?

V.O.C. St (Ward-02) is classified as Residential Class II Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in V.O.C. St (Ward-02)?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,00,000, the stamp duty at 7% would be Rs 1,12,000.