Guideline Value for Devi Karumariamman Nagar 1st Street

Devi Karumariamman Nagar 1st Street guideline value

The current guideline value for Devi Karumariamman Nagar 1st 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 it falls under the Residential Class II Type - III land classification.

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

The guideline value for Devi Karumariamman Nagar 1st Street has seen several revisions over the years. The oldest available revision is from 2007, where the value was Rs 1,800 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, reflecting a change of +94%. The value remained unchanged at Rs 3,500 per sq.ft until the 2023 revision, which raised it to Rs 3,850 per sq.ft, marking a +10% increase. The current value of Rs 3,850 per sq.ft is effective from 1 July 2024.

There are no figures available for the revisions in 2002, 2003, and 2017 for this street. Overall, from 2007 to 2024, the guideline value has increased by +114%.

Guideline values in Velachery

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

• Devi Karumariamman Nagar 1st Cross Street: 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: 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 Street

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

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

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

The Sub Registrar Office that covers Devi Karumariamman Nagar 1st 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 information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately and fairly.

Additionally, the guideline value influences the calculation of stamp duty and registration fees, which are essential costs that buyers and sellers must consider during a property transaction. These fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

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

The current guideline value for Devi Karumariamman Nagar 1st 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, marking a total increase of +114% over the years.

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

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total costs amount to Rs 3,46,500.

Which Sub Registrar Office covers this street?

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

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

Devi Karumariamman Nagar 1st Street falls under the Residential Class II Type - III land classification.