Guideline Value for Deivanayagam Street

Deivanayagam Street guideline value

The current guideline value of Deivanayagam Street in Nungambakkam village is Rs 9,300 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Commercial Class I Type - III.

How the guideline value of Deivanayagam Street has changed

The guideline value for Deivanayagam Street has seen several revisions over the years. In the 2007 revision, the guideline value was Rs 3,000 per sq.ft. This increased significantly to Rs 8,500 per sq.ft in 2012, but then dropped to Rs 5,695 per sq.ft in the 2017 revision. The value rose again to Rs 8,500 per sq.ft in 2023, and most recently, it has increased to Rs 9,300 per sq.ft in the 2024 revision.

The changes between these revisions are noteworthy. From 2007 to 2012, there was an increase of 183%, followed by a decrease of 33% from 2012 to 2017. However, the value surged by 49% from 2017 to 2023, and then saw a further increase of 9% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 210%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Deivanayagam Street's value above this median.

• Corporation Hr. Sec.School Main Road: Rs 7,700 per sq.ft (2024)
• Corporation Hr.Sec.School 1st Road: Rs 7,700 per sq.ft (2024)
• Colony Street (Valluvarkottam): Rs 6,000 per sq.ft (2024)
• College Road (Part I): Rs 13,200 per sq.ft (2024)
• College Road (Part II): Rs 13,200 per sq.ft (2024)
• College Lane: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Deivanayagam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value would be Rs 93,00,000. The stamp duty at 7% would amount to Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, bringing the total to Rs 8,37,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can calculate your stamp duty and registration fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Deivanayagam Street?

The Sub Registrar Office that covers Deivanayagam Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable to the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the sale or purchase of property.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value for Deivanayagam Street?

The current guideline value for Deivanayagam Street is Rs 9,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 3,000 per sq.ft in 2007 to Rs 9,300 per sq.ft in 2024, with various fluctuations in between.

What is the land classification for Deivanayagam Street?

Deivanayagam Street is classified as Commercial Class I Type - III.

Where can I find the registration office for Deivanayagam Street?

The registration office for Deivanayagam Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is stamp duty calculated for properties in Deivanayagam Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 93,00,000, the stamp duty would be Rs 6,51,000 at a rate of 7%.