Guideline Value for Devaraj Street (M.G.R.Nagar)

Devaraj Street (M.G.R.Nagar) guideline value

The current guideline value of Devaraj Street (M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Devaraj Street (M.G.R.Nagar) has changed

Over the years, the guideline value of Devaraj Street (M.G.R.Nagar) has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 2,010 per sq.ft. The 2023 revision increased it to Rs 3,000 per sq.ft, and the latest revision in 2024 raised it further to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Devaraj Street's 2024 figure below that median.

• Devarajan Street (JPT): Rs 4,100 per sq.ft (2024)
• Devanathan Colony (W.M): Rs 4,900 per sq.ft (2024)
• Desikar Street (Block 5): Rs 6,000 per sq.ft (2024)
• Deivanambi Street (Puranagar): Rs 4,100 per sq.ft (2024)
• Deivanambi Street (Nagaram): Rs 4,100 per sq.ft (2024)
• Dhamodharan Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Devaraj Street (M.G.R.Nagar)

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 Street (M.G.R.Nagar)?

The Sub Registrar Office that covers Devaraj Street (M.G.R.Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and fairly, reflecting the value of the property as recognized by the Registration Department.

Frequently asked questions

What is the current guideline value of Devaraj Street (M.G.R.Nagar)?

The current guideline value of Devaraj Street (M.G.R.Nagar) 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 changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing a significant rise over the years.

What is the land classification for Devaraj Street (M.G.R.Nagar)?

The land classification for Devaraj Street (M.G.R.Nagar) is Residential Class IV Type - II, indicating its suitability for residential development.

What are the stamp duty rates for property transactions in Kodambakkam?

The stamp duty rate for property transactions in Kodambakkam is 7%, while the registration fee is 2%. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Devaraj Street (M.G.R.Nagar)?

The Sub Registrar Office for Devaraj Street (M.G.R.Nagar) is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.