Guideline Value for DEVARAJ AVENUE

Devaraj Avenue guideline value

The current guideline value of Devaraj Avenue is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Sholinganallur - 1 village under the Neelankarai SRO and is classified as Residential Special Type - IV.

How the guideline value of Devaraj Avenue has changed

The guideline value for Devaraj Avenue has seen several revisions over the years. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 4,500 per sq.ft, which was an increase from the previous figure.

With the 2024 revision, the guideline value increased to Rs 5,000 per sq.ft, reflecting an 11% rise from the 2023 figure. This increase indicates a notable adjustment in the valuation of properties on this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 2,200 per sq.ft. Devaraj Avenue's 2024 figure of Rs 5,000 per sq.ft is above this median.

• Devaraj Nagar 1st Cross Street: Rs 5,000 per sq.ft (2024)
• Devaraj Nagar 1st Main Street: Rs 5,000 per sq.ft (2024)
• Devaraj Nagar 1st Street: Rs 5,000 per sq.ft (2024)
• Devaraj Nagar 2nd Cross Street: Rs 5,000 per sq.ft (2024)
• Devaraj Nagar 2nd Main Road: Rs 5,000 per sq.ft (2024)
• Devaraj Nagar 2nd Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Devaraj Avenue

For a 1,000 sq.ft plot at the current rate of Rs 5,000 per sq.ft, the guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, making the total Rs 4,50,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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 information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor in the registration process when buying or selling property in Sholinganallur - 1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the associated fees. This ensures that the registration reflects the true value of the property being transacted.

Frequently asked questions

What is the current guideline value of Devaraj Avenue?

The current guideline value of Devaraj Avenue is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Devaraj Avenue has changed from Rs 4,500 per sq.ft in 2023 to Rs 5,000 per sq.ft in 2024, marking an increase of 11%. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Devaraj Avenue?

Devaraj Avenue is classified as Residential Special Type - IV, indicating its specific zoning and usage regulations.

What are the stamp duty rates for properties in Devaraj Avenue?

The stamp duty for properties in Devaraj Avenue is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where can I find the Sub Registrar Office for Devaraj Avenue?

The Sub Registrar Office for 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.