Guideline Value for Devi Nagar ( Ward No.8 )

Devi Nagar ( Ward No.8 ) guideline value

The current guideline value for Devi Nagar ( Ward No.8 ) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is classified as Residential Class III Type - I, governed by the Madhavaram Sub Registrar Office (SRO).

How the guideline value of Devi Nagar ( Ward No.8 ) has changed

Over the years, the guideline value of Devi Nagar ( Ward No.8 ) has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was later revised to Rs 804 per sq.ft in 2017. This was a significant decrease of 33%. However, the value rose to Rs 1,200 per sq.ft in 2023, marking a substantial increase of 49%. The most recent revision in 2024 increased the guideline value to Rs 1,300 per sq.ft, reflecting an 8% rise from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, making Devi Nagar ( Ward No.8 )'s 2024 figure below the median.

• Devi Nagar (Ward-24): Rs 1,300 per sq.ft (2024)
• Devi Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Devi Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Devi Nagar Annex: Rs 1,300 per sq.ft (2024)
• Dhanalakshmi Garden: Rs 1,300 per sq.ft (2024)
• Dhanalakshmi Nagar, Srisathya Sai Nagar (Ward-07): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Nagar ( Ward No.8 )

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that 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 details.

Which Sub Registrar Office covers Devi Nagar ( Ward No.8 )?

The Sub Registrar Office that covers Devi Nagar ( Ward No.8 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for additional information.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It is used as a benchmark for calculating the stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must refer to the current guideline value to understand the financial implications of their transactions.

When registering a property, the guideline value is compared against the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions based on the established values.

Frequently asked questions

What is the current guideline value of Devi Nagar ( Ward No.8 )?

The current guideline value of Devi Nagar ( Ward No.8 ) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Devi Nagar ( Ward No.8 )?

Devi Nagar ( Ward No.8 ) is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property in Devi Nagar ( Ward No.8 )?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which office handles registrations for Devi Nagar ( Ward No.8 )?

The Madhavaram Sub Registrar Office handles registrations for Devi Nagar ( Ward No.8 ), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.