Guideline Value for Sri Devi Nagar 5th Street

Sri Devi Nagar 5th Street guideline value

The current guideline value of Sri Devi Nagar 5th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Sri Devi Nagar 5th Street has changed

The guideline value for Sri Devi Nagar 5th Street has seen several revisions over the years. In 2002, the guideline value was Rs 354 per sq.ft, which increased to Rs 388 per sq.ft in 2003, marking a 10% rise. The value then rose to Rs 500 per sq.ft in 2007, a significant increase of 29%. Following this, the value surged to Rs 3,000 per sq.ft in 2012, reflecting a remarkable 500% increase. However, it fell to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value then climbed to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 832%. The register has no figure for this street for the years not mentioned in the revisions.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry 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, placing Sri Devi Nagar 5th Street's 2024 figure above that median.

• Sri Devi Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 9th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Devi Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total amount for stamp duty and registration fee would be Rs 2,97,000. 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.

Which Sub Registrar Office covers Sri Devi Nagar 5th Street?

The Sri Devi Nagar 5th Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the guideline value is used to calculate the applicable charges, ensuring that the transaction is recorded accurately with the local authorities. This process helps maintain transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of Sri Devi Nagar 5th Street?

The current guideline value of Sri Devi Nagar 5th Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 354 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 832% over the years.

What is the land classification for Sri Devi Nagar 5th Street?

Sri Devi Nagar 5th Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Which office handles the registration for Sri Devi Nagar 5th Street?

The Virugambakkam Sub Registrar Office handles the registration for Sri Devi Nagar 5th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.