Guideline Value for Devi Karumariamman Nagar 2nd Street

Devi Karumariamman Nagar 2nd Street guideline value

The current guideline value of Devi Karumariamman Nagar 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Devi Karumariamman Nagar 2nd Street has changed

Over the years, the guideline value of Devi Karumariamman Nagar 2nd Street has seen several revisions. The 2007 revision set the value at Rs 1,800 per sq.ft, which was a significant increase from the previous years, as there are no figures available for 2002, 2003, and 2017. The value rose dramatically by 94% to Rs 3,500 per sq.ft in the 2012 revision, which remained unchanged in the 2023 revision. The latest revision in 2024 saw a further increase of 10%, bringing the guideline value to Rs 3,850 per sq.ft.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 114%. The 2023 figure of Rs 3,500 per sq.ft did not change in 2012, indicating stability in that period before the latest increase.

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 guideline value of Devi Karumariamman Nagar 2nd Street is below the median.

• Devi Karumariamman Nagar 2nd Cross 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)
• Devi Karumariamman Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Devi Karumari Amman Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Devi Karumariamman Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Karumariamman Nagar 2nd 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, while the registration fee at 2% would be Rs 77,000, bringing the total cost of duty and fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more precise calculations, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Devi Karumariamman Nagar 2nd Street?

The Devi Karumariamman Nagar 2nd Street falls under 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

When buying or selling property in Velachery, the guideline value plays a crucial role in determining the stamp duty and registration fees applicable to the transaction. The guideline value is set by the government and is used as a reference point for these fees, ensuring transparency in property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it can affect the overall cost of purchasing property. Understanding this value helps in making informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of Devi Karumariamman Nagar 2nd Street?

The current guideline value of Devi Karumariamman Nagar 2nd 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 is the land classification for Devi Karumariamman Nagar 2nd Street?

Devi Karumariamman Nagar 2nd Street is classified as Residential Class II Type - III.

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

The Velacheri Sub Registrar Office covers Devi Karumariamman Nagar 2nd Street and is 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 and registration fees amount to Rs 3,46,500.