Guideline Value for Devaki Nagar Annex

Devaki Nagar Annex guideline value

The current guideline value of Devaki Nagar Annex 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 Annex has changed

The guideline value for Devaki Nagar Annex has experienced several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in 2017. Following this, the 2023 revision brought the value back up to Rs 3,000 per sq.ft, and the most recent 2024 revision increased it further to Rs 3,250 per sq.ft, marking an 8% rise from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been an 8% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram village, 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 for Devaki Nagar Annex is above this median.

• Devaki Nagar Bank Colony: Rs 3,250 per sq.ft (2024)
• Devaki Nagar 4th Cross Street (Ward 24): Rs 3,250 per sq.ft (2024)
• Devaki Nagar Extension: Rs 3,250 per sq.ft (2024)
• Devaki Nagar Main Road (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 Milk Colony: Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in Devaki Nagar Annex

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 cost 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. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Devaki Nagar Annex?

The Madhavaram Sub Registrar Office covers Devaki Nagar Annex, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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 price at which a property can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Devaki Nagar Annex?

The current guideline value of Devaki Nagar Annex 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, marking an 8% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification for Devaki Nagar Annex?

Devaki Nagar Annex is classified as Mixed Type - I land, which indicates its varied use potential.

What are the stamp duty and registration fees for property in Devaki Nagar Annex?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total guideline value is Rs 32,50,000, leading to a total of Rs 2,92,500 for both fees.

Which Sub Registrar Office handles registrations for Devaki Nagar Annex?

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