Guideline Value for Sri Devi Nagar

Sri Devi Nagar guideline value

The current guideline value of Sri Devi Nagar, located in Madambakkam village under the Selaiyur SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Sri Devi Nagar has changed

Over the years, the guideline value of Sri Devi Nagar has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and finally reached Rs 1,600 per sq.ft in the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 reflects a slight increase of 7% in the guideline value.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 2,400 per sq.ft, placing the value of Sri Devi Nagar below this median.

• Sri Devi Nagar 10th Street: Rs 1,600 per sq.ft (2024)
• Sri Devi Nagar 11th Street: Rs 1,600 per sq.ft (2024)
• Sri Devi Nagar 12th Street: Rs 1,600 per sq.ft (2024)
• Sri Devi Nagar 1st Cross Street: Rs 1,600 per sq.ft (2024)
• Sri Devi Nagar 1st Street: Rs 1,600 per sq.ft (2024)
• Sri Devi Nagar 2nd Cross Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Devi Nagar

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

Which Sub Registrar Office covers Sri Devi Nagar?

The Sub Registrar Office that covers Sri Devi Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the 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, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory during the registration process.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must be aware of the guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Sri Devi Nagar?

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

How has the guideline value changed over the years?

Since 2012, the guideline value has fluctuated, with a decrease to Rs 1,005 per sq.ft in 2017, followed by an increase to Rs 1,600 per sq.ft in 2024.

What are the stamp duty and registration fees in Sri Devi Nagar?

For a property valued at Rs 16,00,000, the stamp duty is Rs 1,12,000 and the registration fee is Rs 32,000, totaling Rs 1,44,000.

Which Sub Registrar Office covers Sri Devi Nagar?

Sri Devi Nagar falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property, influencing the stamp duty and registration fees during a sale or purchase.