Guideline Value for Devaki Nagar (Part-III)

Devaki Nagar (Part-III) guideline value

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

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

The guideline value for Devaki Nagar (Part-III) has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 3,250 per sq.ft, which is an increase from Rs 3,000 per sq.ft in 2023, marking an 8% rise. Prior to that, in 2017, the value was Rs 2,010 per sq.ft, indicating a significant increase of 49% over the six years leading up to 2023. The 2012 revision also recorded a value of Rs 3,000 per sq.ft, but this represented a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 8%.

There are no figures available for the years 2002, 2003, and 2007 in the register 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. The median guideline value in this area is Rs 1,600 per sq.ft, placing the 2024 figure for Devaki Nagar (Part-III) above this median.

• Devaki Nagar (Part-II): Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Part-IV): Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Part-I): Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Ponniamman Medu) (Ward-24): Rs 3,250 per sq.ft (2024)
• Devaki Nagar Milk Colony: Rs 3,250 per sq.ft (2024)
• Devaki Nagar Ring Road: Rs 3,250 per sq.ft (2024)

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

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. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers Devaki Nagar (Part-III) 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 when buying or selling property in Madhavaram. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers should be aware that the guideline value serves as a benchmark for property transactions, ensuring that the sale price is in line with government valuations.

When registering a property, the guideline value helps to ensure transparency and fairness in the transaction. It is essential for both buyers and sellers to be familiar with the current guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of Devaki Nagar (Part-III) 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 2,010 per sq.ft in 2017 to Rs 3,250 per sq.ft in 2024, with various revisions in between. The most significant change was a 49% increase from 2017 to 2023.

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

The land in Devaki Nagar (Part-III) is classified as Mixed Type - I, which indicates a combination of residential and commercial uses.

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

The Sub Registrar Office for Devaki Nagar (Part-III) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Devaki Nagar (Part-III)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 32,50,000 would incur a stamp duty of Rs 2,27,500 at a rate of 7%.