Guideline Value for VOC Nagar

VOC Nagar guideline value

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

How the guideline value of VOC Nagar has changed

The guideline value of VOC Nagar has seen several revisions over the years. In 2002, the value was Rs 191 per sq.ft, which increased significantly to Rs 214 per sq.ft in 2003. Following this, the value surged to Rs 1,800 per sq.ft in 2007, marking a remarkable increase of 741%. In 2012, the value adjusted to Rs 3,500 per sq.ft, a decrease of 33% from the previous revision. The guideline value then rose to Rs 2,345 per sq.ft in 2017, reflecting a 49% increase. The most recent revision in 2023 set the value at Rs 3,500 per sq.ft, before reaching the current figure of Rs 3,850 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1916%. The register does not contain figures for the years not listed above.

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's 2024 figure below this median.

• VOC Nagar 1st Street: 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)
• Vivekanandha Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in VOC Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total charges to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers VOC Nagar?

The Sub Registrar Office that covers VOC Nagar 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 plays a crucial role in the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which means that understanding the current guideline value is essential for accurate financial planning during property transactions.

Frequently asked questions

What is the current guideline value of VOC Nagar?

The current guideline value of VOC Nagar 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 significantly from Rs 191 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1916% over this period.

What is the land classification for VOC Nagar?

VOC Nagar is classified as Residential Class II Type - III, indicating its suitability for residential development.

Where is the Sub Registrar Office for VOC Nagar located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated in VOC Nagar?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft plot at the current rate would incur a total charge of Rs 3,46,500.