Guideline Value for DEVI NAGAR 1 TO VIII CROSS STREET

Devi Nagar 1 To VIII Cross Street guideline value

The current guideline value for Devi Nagar 1 To VIII Cross Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Koladi village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Devi Nagar 1 To VIII Cross Street has changed

The guideline value for Devi Nagar 1 To VIII Cross Street has undergone several revisions over the years. The 2007 revision set the rate at Rs 300 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a rise of 233%. However, in 2017, the value decreased to Rs 670 per sq.ft, a drop of 33%. The value then rose again to Rs 1,000 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been a significant increase of 267%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Koladi

In Koladi village, there are 175 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 4,000 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, which is equal to the current guideline value for Devi Nagar 1 To VIII Cross Street.

• Devi Nagar 1st Street: Rs 1,100 per sq.ft (2024)
• Devi Nagar 2nd Street: Rs 1,100 per sq.ft (2024)
• Devi Nagar 3rd Street: Rs 1,100 per sq.ft (2024)
• Devi Nagar: Rs 1,100 per sq.ft (2024)
• Devi Nagar 4th Street: Rs 1,100 per sq.ft (2024)
• Devi Karumari Nagar 5th Cross Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Nagar 1 To VIII Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees together to Rs 99,000. Duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Devi Nagar 1 To VIII Cross Street?

The Devi Nagar 1 To VIII Cross Street is covered by the Chennai South Joint II 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 Koladi

The guideline value plays a crucial role during the registration process when buying or selling property in Koladi. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Devi Nagar 1 To VIII Cross Street?

The current guideline value for Devi Nagar 1 To VIII Cross Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What is the land classification for this area?

The land classification for Devi Nagar 1 To VIII Cross Street is Residential Class II Type - I.

Where can I find the registration office for this area?

The registration office for Devi Nagar 1 To VIII Cross Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Koladi?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the government receives the correct amount of revenue during property transactions.