Guideline Value for DEVI NGAR

Devi Ngar guideline value

The current guideline value for Devi Ngar in Korattur village is Rs 2,100 per sq.ft, effective from 1 July 2024. This area falls under the Villivakkam Sub Registrar Office (SRO) and is classified as Residential Class III Type - I.

How the guideline value of Devi Ngar has changed

The guideline value of Devi Ngar has seen several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft, which increased to Rs 2,000 per sq.ft in 2012, marking a significant rise of 100%. However, it then decreased to Rs 1,340 per sq.ft in 2017, a drop of 33%. The value was further increased to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 2,100 per sq.ft, reflecting a 5% increase from the previous year.

Between 2017 and 2023, the guideline value rose by 49%. Overall, from 2007 to 2024, the guideline value has increased by 110%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value is Rs 2,500 per sq.ft, placing Devi Ngar's 2024 figure below that median.

• Dhanalakshmi Nagar: Rs 1,300 per sq.ft (2024)
• Collector Nagar/Streets (Madhanakuppam): Rs 1,300 per sq.ft (2024)
• Chockalingam Street: Rs 1,600 per sq.ft (2024)
• Chetty Street: Rs 2,700 per sq.ft (2024)
• Chennai -Thiruvallur High Road (M.T.H Road) (T.V.S. Group Of Companies): Rs 8,200 per sq.ft (2024)
• Chennai - Thiruvallur High Road (M.T.H Road): Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Ngar

For a 1,000 sq.ft plot at the current rate of Rs 2,100 per sq.ft, the guideline value would be Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, totaling Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Devi Ngar?

The Devi Ngar area is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Korattur, as it determines the amount of stamp duty and registration fees payable during the sale or purchase of a property. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements and to calculate the associated costs accurately.

When registering a property, the guideline value serves as a baseline for determining the official value of the property. This value is used by the registration department to assess the applicable fees and taxes, ensuring that both parties are aware of their financial obligations in the transaction.

Frequently asked questions

What is the current guideline value of Devi Ngar?

The current guideline value of Devi Ngar is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 2,100 per sq.ft in 2024, reflecting an overall increase of 110% over the years.

What are the stamp duty and registration fees for a property in Devi Ngar?

For a property valued at Rs 21,00,000, the stamp duty would be Rs 1,47,000 and the registration fee would be Rs 42,000, totaling Rs 1,89,000.

Which Sub Registrar Office covers Devi Ngar?

The Villivakkam Sub Registrar Office covers Devi Ngar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Devi Ngar?

Devi Ngar is classified as Residential Class III Type - I, indicating its use for residential purposes.