Guideline Value for V.O.C. Street

V.O.C. Street guideline value

The current guideline value of V.O.C. Street in Kanagam village, under the Adayar SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

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

The guideline value for V.O.C. Street has seen several revisions over the years. In 2002, the figure was Rs 165 per sq.ft, which increased to Rs 425 per sq.ft in 2003. The value then rose significantly to Rs 800 per sq.ft in 2007, followed by a substantial jump to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017 before rising again to Rs 2,500 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 2,800 per sq.ft.

Examining the changes between revisions, from 2002 to 2024, there has been an overall increase of 1,597%. Notably, the jump from 2023 to 2024 was 12%, while the increase from 2017 to 2023 was 49%. The value saw a decrease of 33% from 2012 to 2017, while it surged by 213% from 2007 to 2012. The increase from 2003 to 2007 was 88%, and from 2002 to 2003, it was 158%. There are no figures available for revisions other than those mentioned.

Guideline values in Kanagam

In Kanagam village, there are 15 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 13,800 per sq.ft. The median value for these streets is Rs 2,800 per sq.ft, which is the same as the guideline value for V.O.C. Street.

• Thiruvalluvar Street: Rs 3,300 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 3,300 per sq.ft (2024)
• Periyar Street: Rs 2,800 per sq.ft (2024)
• Nethaji Street: Rs 3,300 per sq.ft (2024)
• Nehru Street: Rs 3,900 per sq.ft (2024)
• Lal Bahadur Street: Rs 2,800 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 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees together to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

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

The Sub Registrar Office covering V.O.C. Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kanagam. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is legally documented and recorded.

When a property is sold, the guideline value is taken into account to ensure that the transaction is in compliance with the regulations set by the Registration Department. Buyers and sellers must be aware of the guideline value to understand the financial implications of their property transactions.

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 2,800 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 165 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1,597% over the years.

What are the stamp duty and registration fees for properties on V.O.C. Street?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000, and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles the registration for V.O.C. Street?

The Adayar Sub Registrar Office handles the registration for V.O.C. Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What is the significance of the guideline value in property transactions?

The guideline value is crucial for determining the stamp duty and registration fees in property transactions. It ensures that the sale is legally recognized and that the appropriate fees are paid based on the property's value.