Guideline Value for Devaraj Nagar 1st Street

Devaraj Nagar 1st Street guideline value

The current guideline value of Devaraj Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Devaraj Nagar 1st Street has changed

Since the 2012 revision, the guideline value for Devaraj Nagar 1st Street has remained stable at Rs 2,500 per sq.ft until the 2023 revision. In 2023, the value was updated to Rs 2,500 per sq.ft, showing no change from the previous revision. However, in the 2024 revision, the guideline value increased to Rs 2,750 per sq.ft, reflecting a 10% rise from the 2023 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, placing Devaraj Nagar 1st Street's 2024 value above this median.

• Devaraj Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Devaraj Nagar 1st Main Road: Rs 2,750 per sq.ft (2024)
• Devaraj Nagar 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Devaraj Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Devaraj Nagar: Rs 2,750 per sq.ft (2024)
• Devaraj Nagar 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Devaraj Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Devaraj Nagar 1st Street?

The Sub Registrar Office that covers Devaraj Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor used during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. This ensures transparency and helps prevent undervaluation during transactions.

Frequently asked questions

What is the current guideline value of Devaraj Nagar 1st Street?

The current guideline value of Devaraj Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has remained at Rs 2,500 per sq.ft until 2023. From 2023 to 2024, it increased by 10% to Rs 2,750 per sq.ft.

What is the land classification of Devaraj Nagar 1st Street?

Devaraj Nagar 1st Street is classified as Commercial Class I Type - I, indicating its commercial usage potential.

What is the median guideline value in Madambakkam?

The median guideline value for streets in Madambakkam is Rs 2,400 per sq.ft, which is lower than the current value of Devaraj Nagar 1st Street.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.