Guideline Value for Devaki Nagar (Part-II)

Devaki Nagar (Part-II) guideline value

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

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

The guideline value for Devaki Nagar (Part-II) has seen several revisions over the years. The earliest available figure is from 2012, where the guideline value was Rs 3,000 per sq.ft. This value remained the same in 2012 and saw a decrease to Rs 2,010 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the guideline value to Rs 3,000 per sq.ft. The most recent revision in 2024 has increased the value to Rs 3,250 per sq.ft, marking an 8% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

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

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

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

For a 1,000 sq.ft plot at the current rate of Rs 3,250 per sq.ft, the 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, making the total Rs 2,92,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

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

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

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

The guideline value is a crucial factor in property transactions in Madhavaram. It determines the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must consider the guideline value when negotiating sale prices to ensure compliance with local regulations.

When registering a property, the guideline value serves as a benchmark for calculating the applicable stamp duty and registration fees. This means that even if the sale price is lower than the guideline value, the duty will be calculated based on the higher guideline value to ensure fair revenue collection.

Frequently asked questions

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

The current guideline value of Devaki Nagar (Part-II) 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 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,250 per sq.ft in 2024.

What are the other streets with the same guideline value in Madhavaram?

Other streets in Madhavaram with the same guideline value of Rs 3,250 per sq.ft include Devaki Nagar (Part-I), Devaki Nagar (Part-III), Devaki Nagar Milk Colony, Devaki Nagar (Part-IV), Devaki Nagar Main Road (Ward No.24), and Devaki Nagar (Ponniamman Medu) (Ward-24).

What is the registration fee for properties in Devaki Nagar (Part-II)?

The registration fee for properties in Devaki Nagar (Part-II) is calculated at 2% of the guideline value. For example, for a property valued at Rs 32,50,000, the registration fee would be Rs 65,000.

Where can I find the Sub Registrar Office for Devaki Nagar (Part-II)?

The Sub Registrar Office for Devaki Nagar (Part-II) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can visit this office for registration and other related services.