Guideline Value for Devar Street

Devar Street guideline value

The current guideline value of Devar Street in Saligramam village, under the Virugambakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Devar Street has changed

The guideline value for Devar Street has seen significant changes over the years. Starting from Rs 236 per sq.ft in 2002, it increased to Rs 258 per sq.ft in 2003. The value then rose dramatically to Rs 850 per sq.ft in 2007, marking an increase of 229%. In 2012, the value was recorded at Rs 3,000 per sq.ft, reflecting a substantial increase of 253% from the previous revision. However, it dropped to Rs 2,010 per sq.ft in 2017, which was a decrease of 33%. The value then increased to Rs 3,000 per sq.ft in 2023, followed by the current value of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,298%. The register has no figures for the years not listed above.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, indicating that Devar Street's 2024 figure is below this median.

• DEVARAJ NAGAR - V.O.C.Street Extension: Rs 4,950 per sq.ft (2024)
• DEVARAJ NAGAR - V.O.C. Street: Rs 4,950 per sq.ft (2024)
• DEVARAJ NAGAR - V.G.Nair Street: Rs 4,950 per sq.ft (2024)
• DEVARAJ NAGAR - Veeramamunivar Street: Rs 4,950 per sq.ft (2024)
• DEVARAJ NAGAR - Thanikachalam Street: Rs 4,950 per sq.ft (2024)
• DEVARAJ NAGAR - Sri Ramar Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Devar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, leading to a total cost of Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Devar Street?

The Sub Registrar Office that covers Devar Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing underreporting of property prices. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Devar Street?

The current guideline value of Devar Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 236 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 1,298% over the years.

What is the land classification for Devar Street?

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

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

The Virugambakkam Sub Registrar Office covers Devar Street and is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Devar Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 3,300 per sq.ft, the total guideline value is Rs 33,00,000, which is used to calculate the stamp duty and registration fees.