Guideline Value for Sri Devi Nagar 7th Street

Sri Devi Nagar 7th Street guideline value

The current guideline value of Sri Devi Nagar 7th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Sri Devi Nagar 7th Street has changed

The guideline value for Sri Devi Nagar 7th Street has seen significant changes 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. By 2007, the value jumped to Rs 500 per sq.ft, reflecting a 29% increase from the previous year. The value then surged to Rs 3,000 per sq.ft in 2012, representing a substantial 500% increase. However, it decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in the 2024 revision, indicating 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, and Sri Devi Nagar 7th Street's 2024 figure is above that median.

• Sri Devi Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Devi Nagar 7th Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Devi Nagar 7th Street?

The Sub Registrar Office that covers Sri Devi Nagar 7th Street 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 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 minimum value at which a property can be sold or purchased. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the actual sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sri Devi Nagar 7th Street?

The current guideline value of Sri Devi Nagar 7th 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 significantly, starting from Rs 354 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 832% over this period.

What is the land classification for Sri Devi Nagar 7th Street?

The land classification for Sri Devi Nagar 7th Street is Residential Class II Type - I.

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

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,97,000, based on the current guideline value of Rs 33,00,000.

Where is the Sub Registrar Office located for this street?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, and it covers Sri Devi Nagar 7th Street.