Guideline Value for Devi Karumariamman Nagar 1st Cross Street

Devi Karumariamman Nagar 1st Cross Street guideline value

The current guideline value of Devi Karumariamman Nagar 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Devi Karumariamman Nagar 1st Cross Street has changed

Over the years, the guideline value of Devi Karumariamman Nagar 1st Cross Street has seen several revisions. The 2007 revision set the value at Rs 1,800 per sq.ft, which was significantly increased to Rs 3,500 per sq.ft in the 2012 revision. This figure remained unchanged until the 2023 revision, where it was again Rs 3,500 per sq.ft. However, in the 2024 revision, the guideline value rose to Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

In summary, the guideline value has increased from Rs 1,800 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, representing an overall increase of 114%. It is important to note that there are no figures available for the years 2002, 2003, and 2017 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that the 2024 figure for Devi Karumariamman Nagar 1st Cross Street is below this median.

• Devi Karumariamman Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Devi Karumari Amman Nagar: Rs 3,850 per sq.ft (2024)
• Devi Karumariamman Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Devi Karumariamman Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Devi Karumari Amman Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Devi Karumariamman Nagar 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Karumariamman Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost together to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Devi Karumariamman Nagar 1st Cross Street?

The Sub Registrar Office that covers Devi Karumariamman Nagar 1st Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is important to be aware that the guideline value may differ from the actual sale price. The registration fees and stamp duty are calculated based on the higher of the two values, ensuring that the transaction reflects the true market conditions.

Frequently asked questions

What is the current guideline value of Devi Karumariamman Nagar 1st Cross Street?

The current guideline value of Devi Karumariamman Nagar 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,800 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, with notable increases occurring in 2012 and 2024.

What is the land classification of Devi Karumariamman Nagar 1st Cross Street?

Devi Karumariamman Nagar 1st Cross Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Devi Karumariamman Nagar 1st Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,69,500.