Guideline Value for V.O.C. Street

V.O.C. Street guideline value

The current guideline value of V.O.C. Street in Mepur village is Rs 770 per sq.ft, effective from 1 July 2024. This street falls under the Kunrathur SRO and is classified as Residential Class I Type - I.

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

The guideline value for V.O.C. Street has undergone several revisions over the years. In 2007, the value was Rs 275 per sq.ft, which increased significantly to Rs 700 per sq.ft in 2012. However, it saw a decline to Rs 469 per sq.ft in 2017. The value then rose to Rs 700 per sq.ft in 2023, before reaching the current rate of Rs 770 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The 2012 revision to 2017 saw a decrease of 33%, while the jump from 2007 to 2012 was substantial at 155%. Overall, from 2007 to 2024, the guideline value has increased by 180%. The register does not have figures for V.O.C. Street for the years 2002 and 2003.

Guideline values in Mepur

In Mepur, there are 22 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 2,955 per sq.ft. The median value is Rs 770 per sq.ft, which is equal to the current guideline value of V.O.C. Street.

• Vlc Tamizh Nagar: Rs 1,480 per sq.ft (2024)
• Sri Srinivasa Nagar: Rs 770 per sq.ft (2024)
• Sri Srinivasa Co-op Nagar: Rs 770 per sq.ft (2024)
• Sri Sai Nagar: Rs 1,480 per sq.ft (2024)
• Srinivasa Nagar.: Rs 550 per sq.ft (2024)
• Sri Krishna Nagar: Rs 770 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 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would amount to Rs 53,900, and the registration fee at 2% would be Rs 15,400, totaling Rs 69,300. 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 Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, to ensure compliance with legal requirements.

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 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 275 per sq.ft in 2007 to Rs 770 per sq.ft in 2024, reflecting an overall increase of 180% over the years.

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

V.O.C. Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 and the registration fee would be Rs 15,400, totaling Rs 69,300.

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

The Kunrathur Sub Registrar Office is responsible for handling registrations for V.O.C. Street, located at No.59, Road Street, Kundrathur, Chennai -600 069.