Guideline Value for V.O.C. Street

V.O.C. Street guideline value

The current guideline value of V.O.C. Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Meenambakkam village under the Pammal SRO, classified as Commercial Class I Type - II.

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

The guideline value for V.O.C. Street has experienced significant increases over the years. In 2002, the value was Rs 578 per sq.ft, which rose to Rs 675 per sq.ft in 2003. The value continued to increase, reaching Rs 935 per sq.ft in 2007, and further rising to Rs 2,680 per sq.ft in 2017. There is no figure available for the year 2012. The 2023 revision set the value at Rs 4,000 per sq.ft, and the most recent revision in 2024 increased it to Rs 4,400 per sq.ft.

Between revisions, the changes were notable: from 2002 to 2024, there was an overall increase of 661%. The value jumped by 10% from 2023 to 2024, and there was a 49% rise from 2017 to 2023. The increase from 2007 to 2017 was 187%, while the rise from 2003 to 2007 was 39%. Additionally, the value increased by 17% from 2002 to 2003.

Guideline values in Meenambakkam

In Meenambakkam, there are 17 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 8,800 per sq.ft. The median value among these streets is Rs 3,850 per sq.ft, making the guideline value of V.O.C. Street above this median.

• Thiru-vi-ka Street: Rs 4,400 per sq.ft (2024)
• Thiruvalluvar Street: Rs 4,400 per sq.ft (2024)
• Rajeev Gandhi Street: Rs 1,650 per sq.ft (2024)
• Pandian Street: Rs 3,300 per sq.ft (2024)
• Oowaiyar Street: Rs 3,300 per sq.ft (2024)
• Kumaran Street: Rs 3,850 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 guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers V.O.C. Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Meenambakkam. It is the basis for calculating stamp duty and registration fees when a property is bought or sold, ensuring that the government receives the appropriate revenue from property transactions.

When registering a property, buyers should be aware that the guideline value is used to determine the minimum value for stamp duty and registration fees. This means that even if the sale price is lower than the guideline value, the higher guideline value will be used for calculating the fees.

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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 578 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 661% over this period.

What is the median guideline value of streets in Meenambakkam?

The median guideline value of streets in Meenambakkam is Rs 3,850 per sq.ft, with V.O.C. Street's value being above this median.

What are the stamp duty and registration fees for property in V.O.C. Street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,96,000, based on the guideline value of Rs 44,00,000.

Which office handles registrations for V.O.C. Street?

The Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone, handles registrations for V.O.C. Street.