Guideline Value for V.O.C. Street (M.G.R. Nagar)

V.O.C. Street (M.G.R. Nagar) guideline value

The current guideline value of V.O.C. Street (M.G.R. Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of V.O.C. Street (M.G.R. Nagar) has changed

The guideline value for V.O.C. Street (M.G.R. Nagar) has seen significant changes over the years. In the 2007 revision, the value was Rs 620 per sq.ft, which increased dramatically to Rs 3,000 per sq.ft in both the 2012 and 2023 revisions. The most recent revision in 2024 saw another increase to Rs 3,300 per sq.ft, marking a 10% rise from the 2023 figure.

Notably, there are no figures available for the revisions in 2002, 2003, and 2017 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 432%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, placing V.O.C. Street (M.G.R. Nagar) below this median.

• V.O.C. Street Block 87: Rs 4,100 per sq.ft (2024)
• V.O.C. Street (V.O.C) (JPT): Rs 4,100 per sq.ft (2024)
• V.P. Akilan Street: Rs 3,300 per sq.ft (2024)
• V.P. Arunachalam Street (Nesapakkam): Rs 2,200 per sq.ft (2024)
• V.V. Giri Street: Rs 3,300 per sq.ft (2024)
• VOC Block 5th Street: Rs 4,900 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total 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, making the total cost for these fees Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.O.C. Street (M.G.R. Nagar)?

The Sub Registrar Office that covers V.O.C. Street (M.G.R. Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration process is transparent and based on official valuations.

Frequently asked questions

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

The current guideline value of V.O.C. Street (M.G.R. Nagar) 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 increased from Rs 620 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 432% over this period.

What is the stamp duty rate in V.O.C. Street (M.G.R. Nagar)?

The stamp duty rate for property transactions in V.O.C. Street (M.G.R. Nagar) is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for V.O.C. Street (M.G.R. Nagar)?

The Sub Registrar Office for V.O.C. Street (M.G.R. Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the median guideline value in Kodambakkam?

The median guideline value in Kodambakkam is Rs 4,900 per sq.ft, with V.O.C. Street (M.G.R. Nagar) being below this median at Rs 3,300 per sq.ft.