Guideline Value for R.M. Road Devaki Nagar Part-I

R.M. Road Devaki Nagar Part-I guideline value

The current guideline value of R.M. Road Devaki Nagar Part-I is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of R.M. Road Devaki Nagar Part-I has changed

The guideline value for R.M. Road Devaki Nagar Part-I has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was set at Rs 2,000 per sq.ft. This figure saw a decrease in the 2017 revision, dropping to Rs 1,340 per sq.ft, which represented a 33% decline. However, the most recent revision in 2024 has increased the guideline value to Rs 2,200 per sq.ft, marking a significant increase of 64% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street in the register.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1946 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 R.M. Road Devaki Nagar Part-I is above this median.

• R K Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• R.K.Nagar Road ( Ward No.2 ): Rs 1,300 per sq.ft (2024)
• RK Nagar: Rs 1,300 per sq.ft (2024)
• Roja Nagar 1st Main Road (Ward 14): Rs 2,200 per sq.ft (2024)
• Roja Nagar 1st st ( Ward No.14 ): Rs 2,200 per sq.ft (2024)
• Roja Nagar 2nd Main Road (Ward 14): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in R.M. Road Devaki Nagar Part-I

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration would be Rs 1,98,000. 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 R.M. Road Devaki Nagar Part-I?

The Sub Registrar Office covering R.M. Road Devaki Nagar Part-I is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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 need to be paid during the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher amount between the guideline value and the sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of R.M. Road Devaki Nagar Part-I?

The current guideline value of R.M. Road Devaki Nagar Part-I is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024.

What is the land classification for R.M. Road Devaki Nagar Part-I?

R.M. Road Devaki Nagar Part-I is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for this area?

The Madhavaram Sub Registrar Office handles registrations for R.M. Road Devaki Nagar Part-I, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.