Guideline Value for VOC Street / Mungil Lake

VOC Street / Mungil Lake guideline value

The current guideline value of VOC Street / Mungil Lake is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Commercial Class I Type - II.

How the guideline value of VOC Street / Mungil Lake has changed

The guideline value for VOC Street / Mungil Lake has seen significant changes over the years. In 2002, the guideline value was Rs 188 per sq.ft. This increased to Rs 213 per sq.ft in 2003, marking a rise of 13%. The value continued to rise to Rs 360 per sq.ft in 2007, which is a 69% increase from the previous revision. By 2017, the guideline value reached Rs 1,675 per sq.ft, representing a substantial increase of 365%. The next revision in 2023 set the value at Rs 2,500 per sq.ft, a 49% increase from 2017. The most recent revision in 2024 saw the guideline value rise to Rs 2,750 per sq.ft, which is a 10% increase from 2023.

It is important to note that the register has no figure for VOC Street / Mungil Lake for the year 2012. Overall, from 2002 to 2024, the guideline value has increased by 1,363%.

Guideline values in Pammal

Pammal village features a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft as of 2024. The median guideline value in Pammal is Rs 2,090 per sq.ft, positioning VOC Street / Mungil Lake's 2024 figure above this median.

• VOC Street / Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• V.O.C Street, Thiruvalluvar Nagar: Rs 2,475 per sq.ft (2024)
• VOC Street / Ambedkar Nagar: Rs 2,750 per sq.ft (2024)
• VOC Nagar/Aravindan Street: Rs 2,750 per sq.ft (2024)
• V.O.C Nagar, 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• V.O.C Nagar, 1st Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in VOC Street / Mungil Lake

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value is Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total charges Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers VOC Street / Mungil Lake?

The Sub Registrar Office that covers VOC Street / Mungil Lake is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Pammal. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory when buying or selling property. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for buyers and sellers, as it ensures compliance with local regulations during the registration process. It also provides a clear framework for determining the financial obligations associated with property transactions in the area.

Frequently asked questions

What is the current guideline value of VOC Street / Mungil Lake?

The current guideline value of VOC Street / Mungil Lake is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly, from Rs 188 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, representing an overall increase of 1,363%.

What is the median guideline value in Pammal?

The median guideline value in Pammal is Rs 2,090 per sq.ft, with VOC Street / Mungil Lake's 2024 figure being above this median.

What are the stamp duty and registration fees for a property on VOC Street / Mungil Lake?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000, with stamp duty at Rs 1,92,500 and registration fees at Rs 55,000, totaling Rs 2,47,500.

Which office handles property registrations for VOC Street / Mungil Lake?

The Pammal Sub Registrar Office handles property registrations for VOC Street / Mungil Lake, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.