Guideline Value for Devaraj lane

Devaraj lane guideline value

The current guideline value of Devaraj lane, located in Muthialpet village, is Rs 4,900 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class I Type - III.

How the guideline value of Devaraj lane has changed

Over the years, the guideline value of Devaraj lane has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 1,500 per sq.ft. This value increased significantly to Rs 4,500 per sq.ft in 2012, marking a 200% rise. However, it then decreased to Rs 3,015 per sq.ft in 2017, reflecting a decline of 33%. The subsequent revision in 2023 brought the value back up to Rs 4,500 per sq.ft, followed by the current figure of Rs 4,900 per sq.ft in 2024, which is a 9% increase from the previous year.

There are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 227%.

Guideline values in Muthialpet

In Muthialpet village, there are 160 streets under the Chennai North Joint I SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, indicating that Devaraj lane's 2024 figure is below this median.

• Devaraja street: Rs 5,500 per sq.ft (2024)
• Coral Merchant street: Rs 7,100 per sq.ft (2024)
• Chellamuthu street: Rs 4,900 per sq.ft (2024)
• Chellamuthu lane: Rs 4,900 per sq.ft (2024)
• Budhu street: Rs 5,500 per sq.ft (2024)
• Errabalu street: Rs 16,500 per sq.ft (2024)

Stamp duty and registration fee for property in Devaraj lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total fees together to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Devaraj lane?

Devaraj lane is covered by the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. To find your specific Sub Registrar Office, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Devaraj lane?

The current guideline value of Devaraj lane is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 227%.

What is the median guideline value in Muthialpet?

The median guideline value for streets in Muthialpet is Rs 5,500 per sq.ft, indicating that Devaraj lane's value is below this median.

What are the stamp duty and registration fees for properties in Devaraj lane?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000, and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which office handles property registrations for Devaraj lane?

The Chennai North Joint I Sub Registrar Office handles property registrations for Devaraj lane, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.