Guideline Value for V.O.C. Street

V.O.C. Street guideline value

The current guideline value of V.O.C. Street in Naravarikuppam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Redhills SRO and is classified as Commercial 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 2002, the value was Rs 3,471 per sq.ft, which then decreased to Rs 353 per sq.ft in 2003. Following this, the value increased significantly to Rs 700 per sq.ft in 2007, and further rose to Rs 3,000 per sq.ft in 2012. However, there was a decrease to Rs 2,010 per sq.ft in 2017. The value then increased to Rs 3,000 per sq.ft in 2023, and finally reached Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the value saw a substantial increase of 49%. The period from 2012 to 2017 experienced a decrease of 33%, while the rise from 2007 to 2012 was a notable 329%. The value increased by 98% from 2003 to 2007. Overall, from 2002 to 2024, there has been a slight decrease of 5% in the guideline value.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, making the guideline value of V.O.C. Street above that median.

• V.O.C. Street Lane: Rs 3,300 per sq.ft (2024)
• Vikkaravandi Govindasamy Street: Rs 1,320 per sq.ft (2024)
• Vetrivel Street: Rs 1,870 per sq.ft (2024)
• Venu Gopal Swamy Koil Street: Rs 1,650 per sq.ft (2024)
• Vallimayil Market City: Rs 2,210 per sq.ft (2024)
• Vallalar Nagar Street: Rs 2,200 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 rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers V.O.C. Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Naravarikuppam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a buyer or seller engages in a transaction, the guideline value is referenced to ensure that the appropriate fees are calculated based on the higher of the guideline value or the actual sale price. This ensures compliance with the regulations set forth 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 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, with various increases and decreases along the way.

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

V.O.C. Street is classified as Commercial Class I Type - I.

What is the registration office for V.O.C. Street?

The registration office for V.O.C. Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000.