Guideline Value for Devi Karumariamman Nagar 7th Street

Devi Karumariamman Nagar 7th Street guideline value

The current guideline value of Devi Karumariamman Nagar 7th 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. The land classification for this area is Residential Class II Type - III.

How the guideline value of Devi Karumariamman Nagar 7th Street has changed

The guideline value for Devi Karumariamman Nagar 7th Street has seen several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased to Rs 3,500 per sq.ft in 2012, marking a significant rise of 94%. However, this value dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The value then rose sharply to Rs 3,500 per sq.ft in 2023, followed by a further increase to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase from the previous year.

As for the years 2002 and 2003, the register has no figure for this street in it. Overall, from 2007 to 2024, the guideline value has increased by 114%, highlighting the fluctuations in property valuation in this area.

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 as of 2024. The median value for these streets is Rs 4,400 per sq.ft, placing the 2024 guideline value of Devi Karumariamman Nagar 7th Street below this median.

• Devi Karumariamman Nagar 7th Cross Street: Rs 3,850 per sq.ft (2024)
• Devi Karumari Amman Nagar 8th Cross Street: Rs 3,850 per sq.ft (2024)
• Devi Karumariamman Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Devi Karumariamman Nagar 8th Street: Rs 3,850 per sq.ft (2024)
• Devi Karumari Amman Nagar 6th Cross Street: Rs 3,850 per sq.ft (2024)
• Devi Karumariamman Nagar 8th Street and Extn: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Karumariamman Nagar 7th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the 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 Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Devi Karumariamman Nagar 7th Street?

The Sub Registrar Office that covers Devi Karumariamman Nagar 7th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value during negotiations and documentation to ensure compliance with legal requirements.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs associated with the transfer of property ownership. It is important for buyers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Devi Karumariamman Nagar 7th Street?

The current guideline value of Devi Karumariamman Nagar 7th 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 changed significantly from Rs 1,800 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 114% over the years.

What is the land classification for this area?

The land classification for Devi Karumariamman Nagar 7th Street is Residential Class II Type - III.

What is the stamp duty rate for property transactions here?

The stamp duty rate for property transactions in this area is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Devi Karumariamman Nagar 7th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.