Guideline Value for Venkataraman Street /VOC Nagar

Venkataraman Street /VOC Nagar guideline value

The current guideline value for Venkataraman Street /VOC Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Venkataraman Street /VOC Nagar has changed

The guideline value for Venkataraman Street /VOC Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 185 per sq.ft. This figure increased to Rs 210 per sq.ft in 2003, marking a rise of 14%. The value then rose to Rs 450 per sq.ft in 2007, reflecting a substantial increase of 114%. Following this, the value jumped dramatically to Rs 1,675 per sq.ft in 2017, which is a remarkable increase of 272%. The next revision in 2023 set the guideline value at Rs 2,500 per sq.ft, showing a 49% increase from the previous figure. The most recent revision in 2024 has further raised the value to Rs 2,750 per sq.ft, which is a 10% increase from 2023.

It is important to note that there is no figure available for the 2012 revision for this street.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing Venkataraman Street /VOC Nagar's 2024 figure above this median.

• Venkataraman Street /Gandhi Nagar: Rs 2,475 per sq.ft (2024)
• Venkatachalam Street /Gandhi Nagar: Rs 2,475 per sq.ft (2024)
• Venkateswara Nagar: Rs 1,980 per sq.ft (2024)
• Velmurugan Street: Rs 1,760 per sq.ft (2024)
• Vellangani Street: Rs 1,760 per sq.ft (2024)
• Venkateswaran Street /Kamarajar Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Venkataraman Street /VOC Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to 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, bringing the total to 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkataraman Street /VOC Nagar?

The Sub Registrar Office that covers Venkataraman Street /VOC Nagar 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is being sold, the buyer is required to pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Venkataraman Street /VOC Nagar?

The current guideline value for Venkataraman Street /VOC Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 185 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1386% over the period.

What is the median guideline value for streets in Pammal?

The median guideline value for streets in Pammal is Rs 2,090 per sq.ft, and Venkataraman Street /VOC Nagar's 2024 figure is above this median.

What are the stamp duty and registration fees for property in Venkataraman Street /VOC Nagar?

For a property valued at 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, totaling Rs 2,47,500.

Which office handles registrations for Venkataraman Street /VOC Nagar?

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