Guideline Value for Devaraja street

Devaraja street guideline value

The current guideline value of Devaraja street in Muthialpet village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Devaraja street has changed

Over the years, the guideline value of Devaraja street has seen several revisions. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012, marking a 150% rise. However, the value dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%. The subsequent revision in 2023 raised the guideline value to Rs 5,000 per sq.ft, followed by a further increase to Rs 5,500 per sq.ft in 2024, reflecting a 10% change from the previous year. The register has no figures for the years 2002 and 2003.

From 2007 to 2024, the overall increase in the guideline value is 175%. The 2023 to 2024 revision shows a 10% increase, while the 2017 to 2023 period experienced a notable 49% rise. The changes in the guideline value illustrate the fluctuations in the real estate landscape over the years.

Guideline values in Muthialpet

In Muthialpet village, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. Devaraja street's 2024 figure aligns perfectly with this median.

• Devaraj lane: Rs 4,900 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 Devaraja street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value is Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Devaraja street?

The Sub Registrar Office that covers Devaraja street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during property registration in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted transparently and fairly.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of property ownership. Buyers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Devaraja street?

The current guideline value of Devaraja street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 175% over the years.

What are the stamp duty and registration fees for property in Devaraja street?

For a 1,000 sq.ft plot, the total stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000 based on the current guideline value.

Which Sub Registrar Office is responsible for Devaraja street?

The Chennai North Joint I Sub Registrar Office is responsible for Devaraja street, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

What is the land classification for Devaraja street?

Devaraja street is classified as Residential Class II Type - I under the Chennai North Joint I SRO.