Guideline Value for Sri Devi Nagar 8th Street

Sri Devi Nagar 8th Street guideline value

The current guideline value of Sri Devi Nagar 8th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sri Devi Nagar 8th Street has changed

Over the years, the guideline value of Sri Devi Nagar 8th Street has undergone several revisions. The earliest recorded figure is from 2002, where the value was Rs 354 per sq.ft. This increased to Rs 388 per sq.ft in 2003, marking a 10% rise. The value continued to rise significantly, reaching Rs 500 per sq.ft in 2007, a 29% increase from the previous year. By 2012, the value had jumped to Rs 3,000 per sq.ft, reflecting a substantial 500% increase from 2007. However, it then saw a decrease to Rs 2,010 per sq.ft in 2017, a decline of 33%.

In the subsequent years, the value rose again to Rs 3,000 per sq.ft in 2023, followed by a further increase to the current rate of Rs 3,300 per sq.ft in 2024, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 832%. There are no figures available for the years between these revisions for this street.

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, with a median value of Rs 3,050 per sq.ft. The guideline value of Sri Devi Nagar 8th Street is above this median.

• Sri Devi Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Sri Devi Nagar 5th 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 8th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to 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, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Sri Devi Nagar 8th Street?

The Sri Devi Nagar 8th Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Maduravoyal. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring compliance with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly influences the costs associated with property transactions. Understanding this value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Sri Devi Nagar 8th Street?

The current guideline value of Sri Devi Nagar 8th 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, reflecting an overall increase of 832% over the years.

What are the stamp duty and registration fees for properties on this street?

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.

Which Sub Registrar Office covers Sri Devi Nagar 8th Street?

The Virugambakkam Sub Registrar Office covers Sri Devi Nagar 8th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Sri Devi Nagar 8th Street?

Sri Devi Nagar 8th Street is classified as Residential Class II Type - I, indicating its suitability for residential development.