Guideline Value for Devaki Nagar Extension

Devaki Nagar Extension guideline value

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

How the guideline value of Devaki Nagar Extension has changed

In the 2012 revision, the guideline value was Rs 3,000 per sq.ft. This figure remained unchanged through the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 3,250 per sq.ft, marking an 8% increase from the previous year. Overall, from 2012 to 2024, there has been an 8% increase in the guideline value.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street. Therefore, the only revisions available are from 2012, 2023, and 2024.

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 the guideline value of Devaki Nagar Extension above this median.

• Devaki Nagar Bank Colony: Rs 3,250 per sq.ft (2024)
• Devaki Nagar Main Road ( Ward No.24 ): Rs 3,250 per sq.ft (2024)
• Devaki Nagar Annex: 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)
• Devaki Nagar 4th Cross Street (Ward 24): Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in Devaki Nagar Extension

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 together 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 detailed calculations.

Which Sub Registrar Office covers Devaki Nagar Extension?

The Sub Registrar Office that covers Devaki Nagar Extension is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

It is essential to be aware of the current guideline value when engaging in property transactions, as this value can significantly affect the overall costs involved in the buying or selling process.

Frequently asked questions

What is the current guideline value of Devaki Nagar Extension?

The current guideline value of Devaki Nagar Extension 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 seen an increase from Rs 3,000 per sq.ft in 2012 to Rs 3,250 per sq.ft in 2024, which is an overall increase of 8%. There were no figures available for the years 2002, 2003, 2007, and 2017.

What is the land classification for Devaki Nagar Extension?

The land classification for Devaki Nagar Extension is Mixed Type - I, indicating the nature of the land use in this area.

What are the registration fees for property in Devaki Nagar Extension?

For a property valued at Rs 32,50,000, the stamp duty is Rs 2,27,500 at 7%, and the registration fee is Rs 65,000 at 2%, totaling Rs 2,92,500. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Devaki Nagar Extension?

The Madhavaram Sub Registrar Office covers Devaki Nagar Extension and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO through the provided link.