Guideline Value for DEVANATHAN COLONY

Devanathan Colony guideline value

The current guideline value of Devanathan Colony, located in Mambalam village under the Thiyagaraya nagar SRO, is Rs 6,600 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of Devanathan Colony has changed

The guideline value of Devanathan Colony has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 632 per sq.ft. It increased to Rs 701 per sq.ft in 2003, marking an increase of 11%. The value then rose significantly to Rs 1,500 per sq.ft in 2007, reflecting a 114% increase. Following this, the 2012 revision recorded a value of Rs 6,000 per sq.ft, which was a substantial increase of 300% from the previous revision. However, the value dropped to Rs 4,020 per sq.ft in 2017, a decrease of 33%. In 2023, the value increased to Rs 6,000 per sq.ft, and the most recent revision in 2024 has set the value at Rs 6,600 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 944%. There are no figures available for the revisions in years other than those listed above for this street.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO, with the 2024 guideline values ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median value for these streets is Rs 6,600 per sq.ft, which is equal to the current guideline value of Devanathan Colony.

• Dhanapal Street: Rs 6,600 per sq.ft (2024)
• Dharmaraja Koil Lane: Rs 5,000 per sq.ft (2024)
• Dharmaraja Koil Street: Rs 7,700 per sq.ft (2024)
• C.I.T.NAGAR THIRD MAIN ROAD II nd STREET: Rs 7,700 per sq.ft (2024)
• C.I.T.Nagar Third Main Road: Rs 12,100 per sq.ft (2024)
• C.I.T. Nagar Third Lane: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Devanathan Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, making the total fees together Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Devanathan Colony?

The Sub Registrar Office that covers Devanathan Colony is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Mambalam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is used to ensure that the transaction is recorded at a fair value. The registration office will assess the property based on this value, and the buyer must pay the applicable fees based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Devanathan Colony?

The current guideline value of Devanathan Colony is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 632 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 944% over the years.

What is the land classification for Devanathan Colony?

Devanathan Colony falls under the Residential Class II Type - I land classification.

What are the stamp duty and registration fees for properties in Devanathan Colony?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office handles registrations for Devanathan Colony?

The Thiyagaraya nagar Sub Registrar Office handles registrations for Devanathan Colony, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.