Guideline Value for VOC Nagar 1st Street

VOC Nagar 1st Street guideline value

The current guideline value of VOC Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of VOC Nagar 1st Street has changed

The guideline value for VOC Nagar 1st Street has undergone several revisions over the years. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in the 2017 revision. The 2023 revision saw a significant increase to Rs 3,500 per sq.ft, followed by a further rise to Rs 3,850 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 114%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, positioning VOC Nagar 1st Street's current value below the median.

• VOC Nagar: Rs 3,850 per sq.ft (2024)
• VOC Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• VOC Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• VOC Nagar Extn.: Rs 3,850 per sq.ft (2024)
• VOC Street Baby Nagar Extn.: Rs 3,850 per sq.ft (2024)
• V.O.R. Station Road/Bhuvaneshwari Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in VOC Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total fees Rs 3,46,500. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers VOC Nagar 1st Street?

The Sub Registrar Office that covers VOC Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When registering a property, the guideline value is used to calculate the stamp duty, ensuring that the fees are based on a standardized value rather than individual sale prices. This helps maintain consistency in property transactions across the region.

Frequently asked questions

What is the current guideline value of VOC Nagar 1st Street?

The current guideline value of VOC Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 114% over the years.

What is the median guideline value in Velachery?

The median guideline value for streets in Velachery is Rs 4,400 per sq.ft, with VOC Nagar 1st Street's value being below this median.

What are the stamp duty and registration fees for properties in VOC Nagar 1st Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for VOC Nagar 1st Street?

The Velacheri Sub Registrar Office handles registrations for VOC Nagar 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.