Guideline Value for Devi Nagar (Ward-24)

Devi Nagar (Ward-24) guideline value

The current guideline value of Devi Nagar (Ward-24) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Devi Nagar (Ward-24) has changed

The guideline value for Devi Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023. The most recent revision in 2024 has raised the guideline value to Rs 1,300 per sq.ft.

In terms of percentage changes, the value rose by 8% from 2023 to 2024. Between 2017 and 2023, there was a substantial increase of 49%. However, from 2012 to 2017, the value decreased by 33%. 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 that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Devi Nagar (Ward-24) is below this median.

• Devi Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Devi Nagar ( Ward No.8 ): 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-24)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total charges to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details on fees.

Which Sub Registrar Office covers Devi Nagar (Ward-24)?

The Sub Registrar Office that covers Devi Nagar (Ward-24) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It determines the minimum value at which properties must be registered, ensuring that transactions are recorded accurately and transparently.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps in maintaining a standard for property transactions in the area.

Frequently asked questions

What is the current guideline value of Devi Nagar (Ward-24)?

The current guideline value of Devi Nagar (Ward-24) 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 seen various changes, with the most recent increase from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, marking an 8% rise. The value was Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012.

What is the land classification of Devi Nagar (Ward-24)?

Devi Nagar (Ward-24) is classified as Residential Class III Type - I, indicating its designation for residential purposes within the area.

Where can I find the Sub Registrar Office for Devi Nagar (Ward-24)?

The Madhavaram Sub Registrar Office covers Devi Nagar (Ward-24) and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Devi Nagar (Ward-24)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.