Guideline Value for Sri Devi Nagar 2nd Cross Street

Sri Devi Nagar 2nd Cross Street guideline value

The current guideline value of Sri Devi Nagar 2nd Cross Street is Rs 1,600 per sq.ft. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Sri Devi Nagar 2nd Cross Street has changed

Over the years, the guideline value for Sri Devi Nagar 2nd Cross Street has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was a decrease of 33% from the previous revision in 2017 that had set the value at Rs 1,005 per sq.ft. However, the current 2024 revision has increased the guideline value to Rs 1,600 per sq.ft, marking a significant increase of 59% from the 2017 value.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a slight increase of 7%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value for Sri Devi Nagar 2nd Cross Street is below this median.

• Sri Devi Nagar 1st Street: Rs 1,600 per sq.ft (2024)
• Sri Devi Nagar 2nd Street: Rs 1,600 per sq.ft (2024)
• Sri Devi Nagar 1st Cross Street: Rs 1,600 per sq.ft (2024)
• Sri Devi Nagar 3rd Cross Street: Rs 1,600 per sq.ft (2024)
• Sri Devi Nagar 12th Street: Rs 1,600 per sq.ft (2024)
• Sri Devi Nagar 3rd Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Devi Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees together to Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Devi Nagar 2nd Cross Street?

The Sub Registrar Office that covers Sri Devi Nagar 2nd Cross Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. The guideline value is used to calculate the stamp duty and registration fees that must be paid during the transaction.

When engaging in a property transaction, it is essential to ensure that the sale price is not lower than the guideline value, as this could lead to complications during registration. Buyers and sellers must be aware of the current guideline values to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Sri Devi Nagar 2nd Cross Street?

The current guideline value of Sri Devi Nagar 2nd Cross Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, showing an overall increase of 7%. There was a significant increase of 59% from the 2017 revision to the 2024 revision.

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

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Sri Devi Nagar 2nd Cross Street?

The Selaiyur Sub Registrar Office handles property registrations for Sri Devi Nagar 2nd Cross Street. The office is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

What is the land classification for Sri Devi Nagar 2nd Cross Street?

The land classification for Sri Devi Nagar 2nd Cross Street is Residential Class II Type - I, indicating that it is designated for residential use.