Guideline Value for Devaki Nagar 3rd Cross Street (Ward 24)

Devaki Nagar 3rd Cross Street (Ward 24) guideline value

The current guideline value of Devaki Nagar 3rd Cross Street (Ward 24) is Rs 3,250 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, and the land classification is Mixed Type - I.

How the guideline value of Devaki Nagar 3rd Cross Street (Ward 24) has changed

The guideline value for Devaki Nagar 3rd Cross Street has seen several revisions over the years. In 2012, the value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and then to Rs 3,250 per sq.ft in 2024. The register has no figures for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 shows an increase of 8% in the guideline value.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Rs 3,250 per sq.ft for Devaki Nagar 3rd Cross Street is above this median.

• Devaki Nagar 2nd st ( Ward No.24 ): Rs 3,250 per sq.ft (2024)
• Devaki Nagar 3rd St, Ponniammanmedu (Ward-24): Rs 3,250 per sq.ft (2024)
• Devaki Nagar 2nd Cross Street (Ward 24): Rs 3,250 per sq.ft (2024)
• Devaki Nagar 4th Cross Street (Ward 24): Rs 3,250 per sq.ft (2024)
• Devaki Nagar 1st st ( Ward No.24 ): Rs 3,250 per sq.ft (2024)
• Devaki Nagar Annex: Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in Devaki Nagar 3rd Cross Street (Ward 24)

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is 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. 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 further calculations.

Which Sub Registrar Office covers Devaki Nagar 3rd Cross Street (Ward 24)?

The Sub Registrar Office that covers Devaki Nagar 3rd Cross Street (Ward 24) 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 an essential factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the higher of the guideline value or the sale price is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Devaki Nagar 3rd Cross Street?

The current guideline value of Devaki Nagar 3rd Cross Street (Ward 24) 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 is the land classification for Devaki Nagar 3rd Cross Street?

The land classification for Devaki Nagar 3rd Cross Street (Ward 24) is Mixed Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For instance, a 1,000 sq.ft plot at the current guideline value results in a total duty of Rs 2,92,500.