Guideline Value for Devaki Nagar Milk Colony

Devaki Nagar Milk Colony guideline value

The current guideline value of Devaki Nagar Milk 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.

How the guideline value of Devaki Nagar Milk Colony has changed

Looking back at the revisions, the guideline value for Devaki Nagar Milk Colony was Rs 3,000 per sq.ft in 2012. This figure remained unchanged until the next revision in 2023, where it stayed at Rs 3,000 per sq.ft. The 2024 revision saw an increase to Rs 3,250 per sq.ft, marking an 8% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

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 Milk Colony is above this median.

• Devaki Nagar Main Road ( Ward No.24 ): Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Part-I): Rs 3,250 per sq.ft (2024)
• Devaki Nagar Extension: Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Part-II): Rs 3,250 per sq.ft (2024)
• Devaki Nagar Bank Colony: Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Part-III): Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in Devaki Nagar Milk 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 cost to Rs 2,92,500. Duty is charged on the guideline value or the sale price, whichever is higher.

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

Which Sub Registrar Office covers Devaki Nagar Milk Colony?

The Sub Registrar Office that covers Devaki Nagar Milk Colony is the Madhavaram Sub Registrar Office, 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 plays a crucial role during the registration of property in Madhavaram. It is the minimum value set by the government for property transactions, ensuring that the sale price is not undervalued for tax purposes.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

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

The current guideline value of Devaki Nagar Milk Colony is Rs 3,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

From 2012 to 2023, the guideline value remained at Rs 3,000 per sq.ft. However, in 2024, it increased to Rs 3,250 per sq.ft, marking an 8% rise from the previous year.

What is the land classification of Devaki Nagar Milk Colony?

Devaki Nagar Milk Colony is classified as Mixed Type - I, which indicates a blend of residential and commercial land use.

What are the stamp duty and registration fees for properties here?

The stamp duty is charged at 7% on the guideline value, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,92,500.

Which office handles property registrations in this area?

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