Guideline Value for Devaki Street

Devaki Street guideline value

The current guideline value of Devaki Street, located in Naravarikuppam village, is Rs 1,650 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification. The street is registered under the Redhills SRO.

How the guideline value of Devaki Street has changed

The guideline value for Devaki Street has seen several revisions over the years. In 2002, the value was Rs 3,471 per sq.ft, which then decreased significantly to Rs 353 per sq.ft in 2003. Following this, the value increased to Rs 400 per sq.ft in 2007, and further rose to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017. The value saw a notable increase to Rs 1,500 per sq.ft in 2023, before reaching the current value of Rs 1,650 per sq.ft in 2024.

Between the revisions, the changes were as follows: from 2002 to 2003, there was a decrease of 90%. From 2003 to 2007, the value increased by 13%. The value then surged by 275% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has decreased by 52%.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value is Rs 1,650 per sq.ft, which matches the guideline value of Devaki Street for 2024.

• Devaki Street 1,2 Lane: Rs 1,320 per sq.ft (2024)
• Devanbu Street: Rs 1,320 per sq.ft (2024)
• Dharga Street: Rs 1,320 per sq.ft (2024)
• C.K. Manikkanar Street Extn.: Rs 1,320 per sq.ft (2024)
• C.K. Manikkam Street: Rs 1,650 per sq.ft (2024)
• Church Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Devaki Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. 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 more details.

Which Sub Registrar Office covers Devaki Street?

The Sub Registrar Office that covers Devaki Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is an important factor when registering property in Naravarikuppam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers should be aware that the guideline value can influence the overall cost of the property transaction.

When a property is sold, the sale price is compared to the guideline value. The higher of the two figures is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Devaki Street?

The current guideline value of Devaki Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting a decrease of 52% overall.

What is the land classification for Devaki Street?

Devaki Street falls under the Residential Class II Type - I land classification as per the guidelines.

What are the stamp duty and registration fees for a property in Devaki Street?

For a 1,000 sq.ft property, the total stamp duty and registration fees amount to Rs 1,48,500 based on the current guideline value.

Which office handles registrations for properties on Devaki Street?

The Redhills Sub Registrar Office handles registrations for properties on Devaki Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.