Guideline Value for DEVARAJ AVENUE

Devaraj Avenue guideline value

The current guideline value of Devaraj Avenue, located in Okkiyamthuraipakkam village, is Rs 2,800 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - II land classification. The area is governed by the Neelankarai SRO.

How the guideline value of Devaraj Avenue has changed

The guideline value for Devaraj Avenue has seen several revisions over the years. The earliest recorded figure is from 2003, with a guideline value of Rs 166 per sq.ft. This value increased significantly to Rs 521 per sq.ft in 2007, marking a rise of 214%. In 2012, the value was recorded at Rs 2,500 per sq.ft, which was a substantial increase of 380% from the previous revision. However, in 2017, the value decreased to Rs 1,675 per sq.ft, reflecting a decline of 33%. The value then rose to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,800 per sq.ft in 2024, an increase of 12%.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2003 to 2024, the guideline value has increased by 1587%. It is important to note that there is no recorded figure for the year 2002 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Devaraj Avenue is below this median.

• DEVARAJ AVENUE 1st CROSS STREET: Rs 2,800 per sq.ft (2024)
• DEVARAJ AVENUE 2nd CROSS STREET: Rs 2,800 per sq.ft (2024)
• DEVARAJ AVENUE 3rd CROSS STREET: Rs 2,800 per sq.ft (2024)
• Devaraj Avenue Main Road: Rs 2,800 per sq.ft (2024)
• Devaraj Nagar: Rs 2,200 per sq.ft (2024)
• Customs Colony Main Road: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Devaraj Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees to Rs 2,52,000. 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 information.

Which Sub Registrar Office covers Devaraj Avenue?

The Sub Registrar Office that covers Devaraj Avenue is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable stamp duty and registration fees. This ensures that all transactions are conducted transparently and in accordance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Devaraj Avenue?

The current guideline value of Devaraj Avenue is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 166 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1587% over the years.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value in Okkiyamthuraipakkam is Rs 3,300 per sq.ft, with Devaraj Avenue's value being below this median.

What are the stamp duty and registration fees for property in Devaraj Avenue?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 28,00,000, the total fees would amount to Rs 2,52,000.

Which office handles the registration for Devaraj Avenue?

The Neelankarai Sub Registrar Office handles the registration for Devaraj Avenue, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.