Guideline Value for DEVARAJ NAGAR 2ND STREET

Devaraj Nagar 2nd Street guideline value

The current guideline value of Devaraj Nagar 2nd Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in the Sholinganallur - 1 village under the Neelankarai SRO, classified as Residential Special Type - IV.

How the guideline value of Devaraj Nagar 2nd Street has changed

The guideline value for Devaraj Nagar 2nd Street has seen several revisions over the years. The 2017 revision set the value at Rs 3,015 per sq.ft, which increased to Rs 4,500 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 has further increased the value to Rs 5,000 per sq.ft, reflecting an 11% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 66%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Sholinganallur - 1

In the Sholinganallur - 1 village, there are 754 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Devaraj Nagar 2nd Street's 2024 figure above the median.

• Devaraj Nagar 2nd Main Road: Rs 5,000 per sq.ft (2024)
• Devaraj Nagar 3rd Cross Street: Rs 5,000 per sq.ft (2024)
• Devaraj Nagar 2nd Cross Street: Rs 5,000 per sq.ft (2024)
• Devaraj Nagar 3rd Street: Rs 5,000 per sq.ft (2024)
• Devaraj Nagar 1st Street: Rs 5,000 per sq.ft (2024)
• Devaraj Nagar 4th Cross Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Devaraj Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total 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, bringing the total to Rs 4,50,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Devaraj Nagar 2nd Street?

The Devaraj Nagar 2nd Street falls under 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 that need to be paid during 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 applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Devaraj Nagar 2nd Street?

The current guideline value of Devaraj Nagar 2nd Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 3,015 per sq.ft in 2017 to Rs 5,000 per sq.ft in 2024, representing a total increase of 66% over this period.

What is the median guideline value in Sholinganallur - 1?

The median guideline value in Sholinganallur - 1 is Rs 2,200 per sq.ft, which is below the current guideline value of Devaraj Nagar 2nd Street.

What are the stamp duty rates for properties in Devaraj Nagar 2nd Street?

The stamp duty rate for properties in Devaraj Nagar 2nd Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.