Guideline Value for DEVI KARUVIZHI NAGAR

Devi Karuvizhi Nagar guideline value

The current guideline value of Devi Karuvizhi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Devi Karuvizhi Nagar has changed

The guideline value for Devi Karuvizhi Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 77 per sq.ft, which increased to Rs 90 per sq.ft in 2003. Following this, there was a significant rise to Rs 300 per sq.ft in 2007, and then a remarkable jump to Rs 2,000 per sq.ft in 2012. However, the value dropped to Rs 1,340 per sq.ft in 2017, before increasing again to Rs 2,000 per sq.ft in 2023. The latest revision in 2024 has set the guideline value at Rs 2,200 per sq.ft.

Between the revisions, the changes were notable. From 2002 to 2003, the increase was +17%. The value surged by +233% from 2003 to 2007. The jump from 2007 to 2012 was +567%, but there was a decrease of -33% from 2012 to 2017. The value then increased by +49% from 2017 to 2023, and finally, there was a +10% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +2757%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is the same as the current value for Devi Karuvizhi Nagar.

• Devi Karuvizhi Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Devi Karuvizhi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Devi Karuvizhi Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Devi Karuvizhi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Dharmaboopathy Nagar: Rs 2,200 per sq.ft (2024)
• Dhayoot Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Karuvizhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Devi Karuvizhi Nagar?

The Sub Registrar Office that covers Devi Karuvizhi Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Medavakkam. It is the minimum value set by the government for property transactions, which ensures that the property is registered at a fair value. Buyers and sellers must consider this value when determining the sale price of a property.

When a property is bought or sold, the registration fees and stamp duty are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Devi Karuvizhi Nagar?

The current guideline value of Devi Karuvizhi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 77 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of +2757% over the years.

What are the revisions for Devi Karuvizhi Nagar?

The revisions for Devi Karuvizhi Nagar occurred in 2002, 2003, 2007, 2012, 2017, 2023, and 2024, with the most recent revision being in 2024.

What is the stamp duty for property in Devi Karuvizhi Nagar?

The stamp duty for property in Devi Karuvizhi Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Devi Karuvizhi Nagar?

The Sub Registrar Office for Devi Karuvizhi Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.