Guideline Value for V.O.C. Street

V.O.C. Street guideline value

The current guideline value of V.O.C. Street in Erukancherry village, under the Madhavaram SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

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

In the 2012 revision, the guideline value for V.O.C. Street was Rs 2,300 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 1,541 per sq.ft. Following this, the value increased to Rs 2,300 per sq.ft in 2023, and then to Rs 2,500 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

From 2017 to 2023, the guideline value saw a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, which aligns with the guideline value of V.O.C. Street.

• V.O.C. Lane: Rs 2,500 per sq.ft (2024)
• V.V. Giri Street: Rs 2,200 per sq.ft (2024)
• Vivekanandha 1st Street: Rs 3,000 per sq.ft (2024)
• Vivekananda Nagar Extension: Rs 3,000 per sq.ft (2024)
• Vivekananda Nagar 1st Link Street: Rs 3,000 per sq.ft (2024)
• Visalakshi Street: Rs 2,700 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 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, resulting in a total of Rs 2,25,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

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

The V.O.C. Street is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Erukancherry, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

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 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

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

V.O.C. Street is classified as Residential Class III Type - I under the local land classification system.

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

The Madhavaram Sub Registrar Office, which covers V.O.C. Street, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000.