Guideline Value for Devi Nagar

Devi Nagar guideline value

The current guideline value of Devi Nagar, located in Maduravoyal village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Devi Nagar has changed

The guideline value of Devi Nagar has seen significant changes over the years. In the 2002 revision, the value was Rs 194 per sq.ft. This increased to Rs 213 per sq.ft in 2003, marking a 10% rise. The value continued to rise, reaching Rs 400 per sq.ft in 2007, which was an increase of 88%. In the 2012 revision, the value was Rs 2,500 per sq.ft, showing a substantial increase of 525% from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 1,675 per sq.ft, a decline of 33%. The value then increased again, reaching Rs 2,500 per sq.ft in the 2023 revision, followed by a further increase to Rs 2,750 per sq.ft in the 2024 revision, which is a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1,318%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, indicating that the guideline value for Devi Nagar is below this median.

• Dhanalakshmi Colony: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Nagar 10th Street: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Nagar 11th Street: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Nagar 12th Street: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Nagar 13th Street: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Nagar 14th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Devi Nagar?

The Sub Registrar Office that covers Devi Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the sale or purchase of property.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the correct revenue from property transactions, based on the established guideline values in the area.

Frequently asked questions

What is the current guideline value of Devi Nagar?

The current guideline value of Devi Nagar is Rs 2,750 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 194 in 2002 to Rs 2,750 in 2024, reflecting an overall increase of 1,318% over the years.

What is the land classification for Devi Nagar?

The land classification for Devi Nagar is Residential Class IV Type - I, indicating its suitability for residential purposes.

What is the registration office for Devi Nagar?

The registration office for Devi Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Devi Nagar?

Stamp duty for properties in Devi Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 1,92,500.