Guideline Value for Devaki Nagar Bank Colony

Devaki Nagar Bank Colony guideline value

The current guideline value of Devaki Nagar Bank Colony 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 Bank Colony has changed

The guideline value for Devaki Nagar Bank Colony has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. However, the 2023 revision increased the value to Rs 3,000 per sq.ft, followed by the latest revision in 2024, which set it at Rs 3,250 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%, while the value saw a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

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. The median value for these streets is Rs 1,600 per sq.ft, placing Devaki Nagar Bank Colony's 2024 figure above the median.

• Devaki Nagar Annex: 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 4th Cross Street (Ward 24): Rs 3,250 per sq.ft (2024)
• Devaki Nagar Milk Colony: Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Part-I): Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in Devaki Nagar Bank Colony

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 fees to Rs 2,92,500. Note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Devaki Nagar Bank Colony?

The Madhavaram Sub Registrar Office covers Devaki Nagar Bank Colony, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial 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 applicable to the transaction.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Devaki Nagar Bank Colony?

The current guideline value of Devaki Nagar Bank Colony 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 back 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 in Madhavaram with the same guideline value?

Other streets in Madhavaram with a guideline value of Rs 3,250 per sq.ft include Devaki Nagar Annex, Devaki Nagar Extension, Devaki Nagar Main Road (Ward No.24), Devaki Nagar 4th Cross Street (Ward 24), Devaki Nagar Milk Colony, and Devaki Nagar (Part-I).

What is the stamp duty for property in Devaki Nagar Bank Colony?

The stamp duty for a property valued at Rs 32,50,000 in Devaki Nagar Bank Colony would be Rs 2,27,500, calculated at 7% of the guideline value.

Which office handles property registration in Madhavaram?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, handles property registration in Madhavaram.