Guideline Value for V.O.C. Street (Bharathiyar Nagar)

V.O.C. Street (Bharathiyar Nagar) guideline value

The current guideline value of V.O.C. Street (Bharathiyar Nagar) is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

How the guideline value of V.O.C. Street (Bharathiyar Nagar) has changed

The guideline value for V.O.C. Street (Bharathiyar Nagar) has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 93 per sq.ft. This increased to Rs 102 per sq.ft in 2003, marking a 10% rise. The value then saw a significant increase to Rs 250 per sq.ft in 2007, which was a 145% change. In 2012, the guideline value was Rs 1,500 per sq.ft, reflecting a 500% increase from the previous revision. However, this value decreased to Rs 1,005 per sq.ft in 2017, showing a decline of 33%.

In 2023, the guideline value rose to Rs 1,500 per sq.ft, and the latest revision in 2024 set it at Rs 1,700 per sq.ft, which is a 13% increase. Overall, from 2002 to 2024, the guideline value has increased by 1,728%.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing V.O.C. Street (Bharathiyar Nagar) below the median.

• Worker's Estate 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 1st Main Road: Rs 4,400 per sq.ft (2024)
• Worker's Estate 1st Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 2nd Main Road: Rs 4,400 per sq.ft (2024)
• Worker's Estate 3rd Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in V.O.C. Street (Bharathiyar Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty charged at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total costs together to Rs 1,53,000. It is important to 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 more information on fees.

Which Sub Registrar Office covers V.O.C. Street (Bharathiyar Nagar)?

The Sub Registrar Office that covers V.O.C. Street (Bharathiyar Nagar) is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that properties are sold and bought at a fair price as per government regulations.

When you buy or sell property, the guideline value will be used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. This ensures transparency and compliance with legal requirements during property dealings.

Frequently asked questions

What is the current guideline value of V.O.C. Street (Bharathiyar Nagar)?

The current guideline value of V.O.C. Street (Bharathiyar Nagar) is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 93 in 2002 to Rs 1,700 in 2024, reflecting an overall increase of 1,728% over the years.

What is the role of the Neelankarai SRO?

The Neelankarai SRO is responsible for maintaining the guideline value register and overseeing property registrations in the Neelankarai area, ensuring compliance with local regulations.

How is the stamp duty calculated for properties in V.O.C. Street (Bharathiyar Nagar)?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at the current rate incurs a stamp duty of Rs 1,19,000.

What are the registration fees for property transactions?

The registration fee is charged at 2% of the guideline value. For a property valued at Rs 17,00,000, the registration fee would be Rs 34,000.