Guideline Value for SRI DEVI KARUMARIAMMAN NAGAR

Sri Devi Karumariamman Nagar guideline value

The current guideline value of Sri Devi Karumariamman Nagar is Rs 1,870 per sq.ft, effective from 1 July 2024. This area is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Sri Devi Karumariamman Nagar has changed

The guideline value for Sri Devi Karumariamman Nagar has seen several revisions over the years. In 2002, the value was Rs 71 per sq.ft, which increased to Rs 83 per sq.ft in 2003. Following this, a significant rise occurred, with the value jumping to Rs 900 per sq.ft in 2007. The value remained at Rs 1,700 per sq.ft in 2012, but then decreased to Rs 1,139 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,700 per sq.ft in 2023, and finally, it rose to Rs 1,870 per sq.ft in 2024.

Between the revisions, there have been notable changes. From 2002 to 2003, the value increased by 17%. The increase from 2003 to 2007 was substantial at 984%. However, from 2012 to 2017, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023, and the latest revision from 2023 to 2024 saw a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 2,534%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, which means that the 2024 guideline value for Sri Devi Karumariamman Nagar is below this median.

• Sri Bhavani Amman Avenue: Rs 1,870 per sq.ft (2024)
• Sri Baba Nagar Main Raod: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar 1st Street/All Street: Rs 2,200 per sq.ft (2024)
• Somu Nagar Sathya Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Devi Karumariamman Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,870 per sq.ft, the guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, making the total Rs 1,68,300. It is important to note that the 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.

Which Sub Registrar Office covers Sri Devi Karumariamman Nagar?

The Sub Registrar Office that covers Sri Devi Karumariamman Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Medavakkam. It serves as the basis for calculating the stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency in property transactions and helps in maintaining a standard valuation across the region.

Frequently asked questions

What is the current guideline value of Sri Devi Karumariamman Nagar?

The current guideline value of Sri Devi Karumariamman Nagar is Rs 1,870 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 71 per sq.ft in 2002 to Rs 1,870 per sq.ft in 2024, reflecting an overall increase of 2,534% over this period.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft, which is above the current guideline value for Sri Devi Karumariamman Nagar.

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

For a property valued at Rs 18,70,000, the stamp duty would be Rs 1,30,900 and the registration fee would be Rs 37,400, totaling Rs 1,68,300.

Which office handles the registration for Sri Devi Karumariamman Nagar?

The Chennai South Joint I Sub Registrar Office handles the registration for Sri Devi Karumariamman Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.