Guideline Value for Devaraj Nagar 2nd Cross Street

Devaraj Nagar 2nd Cross Street guideline value

The current guideline value for Devaraj Nagar 2nd Cross 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 2nd Cross Street has changed

Over the years, the guideline value for Devaraj Nagar 2nd Cross Street has seen several revisions. The most recent revision took place in 2024, setting the value at Rs 2,750 per sq.ft, which represents a 10% increase from the 2023 revision of Rs 2,500 per sq.ft. The 2012 revision also recorded a value of Rs 2,500 per sq.ft, indicating no change from 2012 to 2023. Notably, there are no figures available for the revisions in 2017, 2007, 2003, and 2002 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 10%. This gradual increase reflects the adjustments made in the recent years, particularly the significant jump from 2023 to 2024.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, 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 2nd Cross Street's 2024 value above this median.

• Devaraj Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Devaraj Nagar 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Devaraj Nagar 1st Main Road: Rs 2,750 per sq.ft (2024)
• Devaraj Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Devaraj Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Devaraj Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Devaraj Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total 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 cost for these fees 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.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Devaraj Nagar 2nd Cross Street?

The Sub Registrar Office that covers Devaraj Nagar 2nd Cross 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value helps to establish a fair price for taxation purposes. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements during the registration process.

Frequently asked questions

What is the current guideline value for Devaraj Nagar 2nd Cross Street?

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

How has the guideline value changed over the years?

The guideline value has remained at Rs 2,500 per sq.ft from 2012 to 2023 and increased to Rs 2,750 per sq.ft in 2024, marking a 10% rise from the previous year.

What is the median guideline value for streets in Madambakkam?

The median guideline value for streets in Madambakkam is Rs 2,400 per sq.ft, with Devaraj Nagar 2nd Cross Street's value being above this median.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000, resulting in a stamp duty of Rs 1,92,500 and a registration fee of Rs 55,000, totaling Rs 2,47,500.

Which office handles the registration for Devaraj Nagar 2nd Cross Street?

The Selaiyur Sub Registrar Office handles the registration for Devaraj Nagar 2nd Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.