Guideline Value for VOC Street

VOC Street guideline value

The current guideline value of VOC Street in Chembakkam village is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Selaiyur SRO and is classified as Residential Class I Type - III.

How the guideline value of VOC Street has changed

The guideline value of VOC Street has undergone several revisions over the years. The earliest recorded figure is from 2007, when the guideline value was Rs 450 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a 456% rise. However, the value saw a decline to Rs 1,675 per sq.ft in 2017, which was a decrease of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, followed by the current rate of Rs 2,700 per sq.ft in 2024, representing an 8% increase from the previous year. The register has no figure for VOC Street for the years 2002 and 2003.

From 2007 to 2024, the overall increase in the guideline value amounts to 500%. The changes from the 2017 revision to the 2023 revision reflect a substantial rise of 49%, indicating a significant adjustment in property values in recent years.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing VOC Street's 2024 figure above this median.

• Vivekandar Street Ext: Rs 1,300 per sq.ft (2024)
• Vivakanandar Street: Rs 1,300 per sq.ft (2024)
• Vijayakumar Avenue: Rs 1,600 per sq.ft (2024)
• V.G.P. Pon Nagar North: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar Main Road: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar Extn: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in VOC Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, the total cost for stamp duty and registration fee would be Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers VOC Street?

The Sub Registrar Office that covers VOC Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Chembakkam. It determines the minimum value for which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall cost of the transaction. Buyers should consider this value when negotiating prices, as it serves as a benchmark for property valuation in the area.

Frequently asked questions

What is the current guideline value of VOC Street?

The current guideline value of VOC Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 500% over the years.

What is the land classification of VOC Street?

VOC Street is classified as Residential Class I Type - III, which indicates its suitability for residential development.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in VOC Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000.