Guideline Value for V.O.C. Street

V.O.C. Street guideline value

The current guideline value of V.O.C. Street in Mugappair village, under the Konnur SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

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

Since the 2002 revision, the guideline value for V.O.C. Street has seen significant changes. In 2002, the guideline value was Rs 402 per sq.ft, which increased to Rs 442 per sq.ft in 2003. Following this, there was a substantial rise to Rs 1,200 per sq.ft in 2007, and then it further increased to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in 2017. The guideline value then rose to Rs 3,500 per sq.ft in 2023, and the most recent revision in 2024 set it at Rs 3,800 per sq.ft.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it saw a rise of 9%. The overall increase from the 2002 revision to the 2024 revision is 845%. There are no figures available for the revisions in years other than those noted.

Guideline values in Mugappair

In Mugappair village, there are 224 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft, with a median value of Rs 7,100 per sq.ft. V.O.C. Street's 2024 guideline value is below this median.

• Zoin Street: Rs 3,800 per sq.ft (2024)
• V.G.P.Nagar: Rs 7,100 per sq.ft (2024)
• V.G.N Avenue Phase I: Rs 7,100 per sq.ft (2024)
• V.G.N.Avenue Phase 2: Rs 7,100 per sq.ft (2024)
• V.G.N Avenue: Rs 7,100 per sq.ft (2024)
• Veyalate Flats: Rs 7,100 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 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total fees to Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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 Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Mugappair. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the state receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. It is essential for buyers to be aware of the guideline value to ensure that they are paying a fair price in accordance with the regulations set by the registration department.

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 3,800 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 402 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, with various revisions in between.

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

V.O.C. Street is classified as Residential Class II Type - I land.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 38,00,000, with a stamp duty of Rs 2,66,000 and a registration fee of Rs 76,000, totaling Rs 3,42,000.

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

The Konnur Sub Registrar Office handles registrations for V.O.C. Street, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.