Guideline Value for V.O.C. Street Lane

V.O.C. Street Lane guideline value

The current guideline value of V.O.C. Street Lane in Naravarikuppam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Commercial Class I Type - I.

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

The guideline value for V.O.C. Street Lane has seen several revisions over the years. In 2007, the value was Rs 700 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a rise of 329%. However, from 2012 to 2017, the value decreased by 33% to Rs 2,010 per sq.ft. Following this, the value rose to Rs 3,000 per sq.ft in 2023, reflecting a 49% increase. The latest revision in 2024 has set the value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

The register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 371%.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, indicating that V.O.C. Street Lane's 2024 figure is above this median.

• V.O.C. Street: Rs 3,300 per sq.ft (2024)
• Vikkaravandi Govindasamy Street: Rs 1,320 per sq.ft (2024)
• Vetrivel Street: Rs 1,870 per sq.ft (2024)
• Venu Gopal Swamy Koil Street: Rs 1,650 per sq.ft (2024)
• Vallimayil Market City: Rs 2,210 per sq.ft (2024)
• Vallalar Nagar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in V.O.C. Street Lane

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 amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

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

The V.O.C. Street Lane is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor when registering property transactions in Naravarikuppam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. It is essential for both buyers and sellers to be aware of the current guideline value to facilitate a smooth transaction process.

Frequently asked questions

What is the current guideline value of V.O.C. Street Lane?

The current guideline value of V.O.C. Street Lane 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 700 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing a significant rise over the years, with various fluctuations in between.

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

V.O.C. Street Lane is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in V.O.C. Street Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.