Guideline Value for Devi Nagar Annex

Devi Nagar Annex guideline value

The current guideline value of Devi Nagar Annex in Madhavaram village, under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Devi Nagar Annex has changed

Since the 2012 revision, the guideline value for Devi Nagar Annex has seen various changes. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the latest revision in 2024 has raised it further to Rs 1,300 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

In terms of percentage changes, the guideline value increased by 8% from 2023 to 2024. There was a significant increase of 49% from the 2017 revision to the 2023 revision. However, from 2012 to 2017, the value saw a decrease of 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 Annex is below this median.

• Devi Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Devi Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Devi Nagar (Ward-24): Rs 1,300 per sq.ft (2024)
• Devi Nagar (Ward No.8): 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 Annex

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 is charged at 7%, totaling Rs 91,000, while the registration fee at 2% comes to Rs 26,000. Together, the total cost for these fees is Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Devi Nagar Annex?

The Sub Registrar Office that covers Devi Nagar Annex 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 in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the transaction.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty and registration fees. This ensures that the fees reflect the current market conditions as represented by the guideline value.

Frequently asked questions

What is the current guideline value of Devi Nagar Annex?

The current guideline value of Devi Nagar Annex 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 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 Annex?

The land classification for Devi Nagar Annex is Residential Class III Type - I.

What is the stamp duty rate for property transactions in Devi Nagar Annex?

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

Where is the Sub Registrar Office for Devi Nagar Annex located?

The Sub Registrar Office for Devi Nagar Annex is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.