Guideline Value for V.O.C. Street

V.O.C. Street guideline value

The current guideline value of V.O.C. Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village, under the Tambaram Joint 1 SRO, and is 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 seen significant changes over the years. In 2002, the guideline value was Rs 623 per sq.ft. This increased to Rs 1,000 per sq.ft in 2003, marking a rise of 61%. By 2007, the value further increased to Rs 2,500 per sq.ft, reflecting a 150% increase from the previous revision. The 2012 revision saw a decrease to Rs 6,000 per sq.ft, which was a decline of 33% from 2007. However, in 2017, the value jumped to Rs 4,020 per sq.ft, an increase of 49% from the 2012 figure.

In 2023, the guideline value rose to Rs 6,000 per sq.ft, and in the latest revision for 2024, it is now Rs 6,600 per sq.ft, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 959%. There are no figures available for the revisions in years other than those specified.

Guideline values in Tambaram

In Tambaram village, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, placing V.O.C. Street's 2024 figure above this median.

• V.V. Avenue: Rs 2,200 per sq.ft (2024)
• Well Street (Ethirajapuram): Rs 3,300 per sq.ft (2024)
• West Street: Rs 3,300 per sq.ft (2024)
• Vishnu Nagar extn: Rs 2,200 per sq.ft (2024)
• Vishnu Nagar: Rs 2,200 per sq.ft (2024)
• Vinayaga Nagar: Rs 1,320 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 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty, charged at 7%, amounts to Rs 4,62,000, while the registration fee at 2% totals Rs 1,32,000. Together, the total cost for stamp duty and registration fee would be Rs 5,94,000. 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 detailed calculations.

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

The Sub Registrar Office that covers V.O.C. Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid. Buyers and sellers must ensure that the sale price is not lower than the guideline value to avoid any legal complications during the registration process.

When a property is registered, the relevant authorities will assess the guideline value to calculate the applicable taxes. This ensures transparency and fairness in property transactions, as the guideline value reflects the official rates set by the government.

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 6,600 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 623 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 959% over this period.

What is the land classification of V.O.C. Street?

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

Where can I find the Sub Registrar Office for V.O.C. Street?

The Sub Registrar Office for V.O.C. Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059.

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

The stamp duty for properties in V.O.C. Street is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 at 7%.