Guideline Value for V.O.C.Street

V.O.C.Street guideline value

The current guideline value of V.O.C.Street in Ramapuram village is Rs 3,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II 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 the 2012 revision, the value was set at Rs 2,800 per sq.ft. This figure remained until the 2017 revision, where it decreased to Rs 1,876 per sq.ft. The subsequent revision in 2023 saw a significant increase to Rs 2,800 per sq.ft, followed by the latest revision in 2024, which raised the value to Rs 3,100 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a notable increase of 49%. The change from 2023 to 2024 reflects an increase of 11%. Overall, comparing the figures from 2012 to 2024, there has been an increase of 11%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, which is the same as the current value for V.O.C.Street.

• Vivegananda Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar Annex 1st Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar 2nd Cross Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar 1st Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar 1st Cross Street: Rs 3,100 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 3,100 per sq.ft, the total guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000. Together, the total fees would be Rs 2,79,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. 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 Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Ramapuram. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the transaction reflects a fair value in accordance with government regulations.

When buying or selling property, the guideline value influences the stamp duty and registration fees that need to be paid. Buyers should be aware that these costs are calculated based on the guideline value or the sale price, whichever is higher, making it essential to consider the guideline value when planning a property transaction.

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 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then back to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

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

For a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000 and the registration fee would be Rs 62,000, totaling Rs 2,79,000.

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

The Chennai South Joint II Sub Registrar Office covers V.O.C.Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

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

V.O.C.Street is classified as Residential Class II Type - I under the Chennai South Joint II SRO.