Guideline Value for Devaki Nagar (Part-I)

Devaki Nagar (Part-I) guideline value

The current guideline value of Devaki Nagar (Part-I) is Rs 3,250 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Mixed Type - I land.

How the guideline value of Devaki Nagar (Part-I) has changed

The guideline value for Devaki Nagar (Part-I) has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, and the latest revision in 2024 has raised it to Rs 3,250 per sq.ft, marking an 8% increase from the previous year.

In summary, the changes between revisions show a 49% increase from 2017 to 2023, a decrease of 33% from 2012 to 2017, and an overall increase of 8% from 2012 to 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median guideline value for these streets is Rs 1,600 per sq.ft, placing the 2024 figure for Devaki Nagar (Part-I) above this median.

• Devaki Nagar Milk Colony: Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Part-II): Rs 3,250 per sq.ft (2024)
• Devaki Nagar Main Road ( Ward No.24 ): Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Part-III): Rs 3,250 per sq.ft (2024)
• Devaki Nagar Extension: Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Part-IV): Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in Devaki Nagar (Part-I)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,250 per sq.ft, the total guideline value amounts to Rs 32,50,000. The stamp duty at 7% would be Rs 2,27,500, and the registration fee at 2% would be Rs 65,000, bringing the total to Rs 2,92,500. 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 details.

Which Sub Registrar Office covers Devaki Nagar (Part-I)?

The Sub Registrar Office covering Devaki Nagar (Part-I) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the state receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. It is essential for buyers to be aware of the guideline value to ensure they are paying a fair price and to avoid any potential legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Devaki Nagar (Part-I)?

The current guideline value of Devaki Nagar (Part-I) is Rs 3,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,250 per sq.ft in 2024, an increase of 8%. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What are the stamp duty and registration fees for property in Devaki Nagar (Part-I)?

The stamp duty for a property valued at Rs 32,50,000 is Rs 2,27,500, and the registration fee is Rs 65,000, totaling Rs 2,92,500.

Which office handles registrations for Devaki Nagar (Part-I)?

The Madhavaram Sub Registrar Office handles registrations for Devaki Nagar (Part-I), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Devaki Nagar (Part-I)?

Devaki Nagar (Part-I) is classified as Mixed Type - I land, which indicates its suitability for various types of developments.