Guideline Value for Devaraj Nagar (Ward-11)

Devaraj Nagar (Ward-11) guideline value

The current guideline value for Devaraj Nagar (Ward-11) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Devaraj Nagar (Ward-11) has changed

Over the years, the guideline value for Devaraj Nagar has seen a few revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which remained unchanged until the 2023 revision. In 2023, the guideline value increased to Rs 1,200 per sq.ft, and then further rose to Rs 1,300 per sq.ft in the 2024 revision, marking an 8% increase from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. This steady change reflects the updates in the valuation of properties in the area over the years.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Devaraj Nagar's 2024 figure below that median.

• Devaraj Nagar: Rs 1,300 per sq.ft (2024)
• Devaraj 2nd Street (Ward 11): Rs 1,300 per sq.ft (2024)
• Devaraj 1st Street (Ward 11): Rs 1,300 per sq.ft (2024)
• Devaki Nagar Ring Road Part-I: Rs 3,250 per sq.ft (2024)
• Devaki Nagar Ring Road: Rs 3,250 per sq.ft (2024)
• Devaki Nagar (Ponniamman Medu) (Ward-24): Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in Devaraj Nagar (Ward-11)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. 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 information.

Which Sub Registrar Office covers Devaraj Nagar (Ward-11)?

The Sub Registrar Office that covers Devaraj Nagar (Ward-11) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration of property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that buyers must pay when acquiring property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used for calculating the applicable duties. This ensures that the government receives the correct revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Devaraj Nagar?

The current guideline value of Devaraj Nagar (Ward-11) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 8% over this period.

What is the stamp duty for property in Devaraj Nagar?

The stamp duty for property in Devaraj Nagar is 7% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000.

Which office handles property registration in Devaraj Nagar?

The Madhavaram Sub Registrar Office handles property registration for Devaraj Nagar (Ward-11). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Devaraj Nagar?

Devaraj Nagar is classified as Residential Class III Type - I, indicating its designation for residential use within the area.