Guideline Value for Devan Nagar

Devan Nagar guideline value

The current guideline value of Devan Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Devan Nagar has changed

In the 2012 revision, the guideline value was set at Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in the 2017 revision, reflecting a decline of 33%. However, the value saw a significant increase in the following years, rising to Rs 1,500 per sq.ft in 2023 and then to Rs 1,650 per sq.ft in 2024, which is a 10% increase from the previous revision.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The 2023 revision marked a 49% increase from the 2017 figure. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Varadarajapuram

Varadarajapuram village features a range of guideline values across its 250 streets under the Padappai SRO, with values ranging from Rs 880 to Rs 4,100 per sq.ft. The median guideline value for the village is Rs 1,650 per sq.ft, which is the same as the current value for Devan Nagar.

• Deepu Nagar: Rs 880 per sq.ft (2024)
• Dhanalakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Dhanaselvi Nagar: Rs 1,650 per sq.ft (2024)
• Dharkas Nagar: Rs 990 per sq.ft (2024)
• Doctors Ashwili Garden: Rs 1,330 per sq.ft (2024)
• Dr.Ambethkar Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Devan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost together to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Devan Nagar?

The Sub Registrar Office that covers Devan Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Varadarajapuram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value assists in establishing a fair price for the transaction. It is essential for both buyers and sellers to be aware of the current guideline values to ensure compliance with legal requirements during registration.

Frequently asked questions

What is the current guideline value of Devan Nagar?

The current guideline value of Devan Nagar 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 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Devan Nagar?

Devan Nagar is classified as Residential Special Type - II, indicating its suitability for residential developments.

Where can I find the Sub Registrar Office for Devan Nagar?

The Padappai Sub Registrar Office covers Devan Nagar and is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in Devan Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 16,50,000 would incur a stamp duty of Rs 1,15,500.