Guideline Value for DHARMABOOPATHY NAGAR

Dharmaboopathy Nagar guideline value

The current guideline value of Dharmaboopathy 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, classified as Residential Class I Type - I.

How the guideline value of Dharmaboopathy Nagar has changed

The guideline value for Dharmaboopathy Nagar has seen several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 110 per sq.ft. This increased to Rs 128 per sq.ft in 2003, marking a 16% rise. The value then surged significantly to Rs 300 per sq.ft in 2007, representing a 134% increase. Following this, there was a substantial jump to Rs 2,000 per sq.ft in 2012, showing a remarkable 567% increase. However, the value dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The most recent revisions show the value at Rs 2,000 per sq.ft in 2023, and it has now risen to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the revisions in years other than those listed. The overall change from 2002 to 2024 is an impressive increase of 1,900%.

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 value is Rs 2,200 per sq.ft, which is equal to the current guideline value of Dharmaboopathy Nagar.

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

Stamp duty and registration fee for property in Dharmaboopathy Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Dharmaboopathy Nagar?

The Sub Registrar Office that covers Dharmaboopathy 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 properties in Medavakkam. It is used to determine the stamp duty and registration fees applicable when a property is sold or purchased. Buyers should be aware that the guideline value is often considered the minimum value for property transactions.

When registering a property, the authorities will assess the guideline value to calculate the necessary fees. This ensures that the transaction is documented accurately and complies with local regulations, providing a clear record of the property's value at the time of sale.

Frequently asked questions

What is the current guideline value of Dharmaboopathy Nagar?

The current guideline value of Dharmaboopathy 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 110 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1,900%.

What is the role of the Chennai South Joint I SRO?

The Chennai South Joint I SRO is responsible for the registration of properties in the area, including Dharmaboopathy Nagar. It oversees the guideline values and ensures compliance with local regulations.

How do I calculate stamp duty for a property in Dharmaboopathy Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.

Where can I find more information about the registration process?

More information about the registration process and the Sub Registrar Office can be found at 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.