Guideline Value for DEVI PARASAKTHI NAGAR

Devi Parasakthi Nagar guideline value

The current guideline value of Devi Parasakthi Nagar is Rs 1,930 per sq.ft, effective from 1 July 2024. This area is located in Karambakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Devi Parasakthi Nagar has changed

The guideline value for Devi Parasakthi Nagar has undergone several revisions over the years. In 2002, the value was Rs 131 per sq.ft, which increased to Rs 151 per sq.ft in 2003, marking a 15% rise. The value saw a significant jump to Rs 500 per sq.ft in 2007, reflecting a 231% increase. Following this, the value rose to Rs 1,750 per sq.ft in 2012, which was a 250% increase from the previous figure. However, there was a decrease to Rs 1,172 per sq.ft in 2017, a decline of 33% from the 2012 revision.

In 2023, the guideline value was revised to Rs 1,750 per sq.ft, and then it increased to Rs 1,930 per sq.ft in 2024, which is a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1373%.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median value is Rs 1,930 per sq.ft, which is equal to the current guideline value for Devi Parasakthi Nagar.

• Deviparasakthi Nagar Street: Rs 1,930 per sq.ft (2024)
• Devi Nagar Pilliyar Koil Street: Rs 2,480 per sq.ft (2024)
• Devi Nagar Main Road: Rs 2,480 per sq.ft (2024)
• Devi Nagar 1st Street: Rs 2,480 per sq.ft (2024)
• Devi Nagar: Rs 2,480 per sq.ft (2024)
• Dharmaraja Nagar 1st, 2nd, 3rd, 4th & 5th Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Parasakthi Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 19,30,000. The stamp duty at 7% would be Rs 1,35,100, and the registration fee at 2% would be Rs 38,600, making the total Rs 1,73,700. 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 detailed calculations.

Which Sub Registrar Office covers Devi Parasakthi Nagar?

The Sub Registrar Office that covers Devi Parasakthi 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 Karambakkam

The guideline value plays a crucial role in the registration process of property transactions in Karambakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is sold or purchased. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used to calculate the applicable fees.

When registering a property, it is essential to refer to the current guideline value to ensure compliance with local regulations. This value is updated periodically, and it is advisable to check for the latest figures before proceeding with any transactions.

Frequently asked questions

What is the current guideline value of Devi Parasakthi Nagar?

The current guideline value of Devi Parasakthi Nagar is Rs 1,930 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 131 per sq.ft in 2002 to Rs 1,930 per sq.ft in 2024, reflecting an overall increase of 1373% over the years.

What is the stamp duty rate for properties in Devi Parasakthi Nagar?

The stamp duty rate for properties in Devi Parasakthi Nagar is 7%, which is calculated based on the higher of the guideline value or the sale price.

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

The Sub Registrar Office for Devi Parasakthi 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.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the stamp duty and registration fees that need to be paid. It is essential for buyers and sellers to be aware of the current guideline value to ensure accurate fee calculations during the registration process.