Guideline Value for Devar Street and Extension

Devar Street and Extension guideline value

The current guideline value of Devar Street and Extension in Konnur village, under the Konnur SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Devar Street and Extension has changed

The guideline value for Devar Street and Extension has undergone several revisions over the years. In 2002, the guideline value was Rs 310 per sq.ft, which increased to Rs 336 per sq.ft in 2003. Following that, the value saw a significant rise to Rs 800 per sq.ft in 2007, and then it jumped to Rs 5,000 per sq.ft in 2012. However, it dropped to Rs 3,350 per sq.ft in 2017 before climbing back to Rs 5,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft.

Between the revisions, the changes were notable. From 2002 to 2003, there was an increase of 8%. The value surged by 138% from 2003 to 2007, followed by a massive increase of 525% from 2007 to 2012. The value then decreased by 33% from 2012 to 2017. From 2017 to 2023, there was a 49% increase, and the latest revision from 2023 to 2024 reflects a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1,674%.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, which means that Devar Street and Extension's 2024 figure is above that median.

• Dhadhan Kuppam Puducherry: Rs 3,800 per sq.ft (2024)
• Dhamodhara Perumal Colony: Rs 3,800 per sq.ft (2024)
• Damodarapurumal Colony 1 to 5th Street and Cross Street: Rs 3,800 per sq.ft (2024)
• Damodaran Lane & Street: Rs 5,500 per sq.ft (2024)
• Dhasan Street: Rs 2,750 per sq.ft (2024)
• Dhenadhayalan Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Devar Street and Extension

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Devar Street and Extension?

The Sub Registrar Office that covers Devar Street and Extension is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Konnur. It serves as a benchmark for calculating the stamp duty and registration fees that are applicable during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with the legal requirements during the sale or purchase of property.

When a property is sold, the registration office uses the guideline value to determine the applicable fees. This means that understanding the guideline value is essential for both parties involved in the transaction to avoid any discrepancies or legal issues.

Frequently asked questions

What is the current guideline value of Devar Street and Extension?

The current guideline value of Devar Street and Extension is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, increasing from Rs 310 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1,674% over the years.

What is the land classification for Devar Street and Extension?

Devar Street and Extension is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Devar Street and Extension?

The Konnur Sub Registrar Office covers Devar Street and Extension and is located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the stamp duty calculated for properties in Konnur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be calculated at 7% of that amount.