Guideline Value for J.B. Garden Phase-1

J.B. Garden Phase-1 guideline value

The current guideline value of J.B. Garden Phase-1 is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Special Type - I.

How the guideline value of J.B. Garden Phase-1 has changed

The guideline value for J.B. Garden Phase-1 has seen several revisions over the years. The 2023 revision set the value at Rs 2,500 per sq.ft, which was an increase from the previous figures. However, there are no figures available for the years 2017, 2012, 2007, 2003, and 2002 in the register for this street. The most recent change from the 2023 to the 2024 revision reflects an increase of 8%, raising the guideline value to Rs 2,700 per sq.ft.

In summary, the guideline value has increased from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024. The current value is above the median of Rs 1,600 per sq.ft for the 1,946 streets in Madhavaram under the Madhavaram SRO.

Guideline values in Madhavaram

The guideline values for properties in Madhavaram range from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. J.B. Garden Phase-1's current guideline value of Rs 2,700 per sq.ft is above this median.

• J.B. Garden Phase-II: Rs 2,700 per sq.ft (2024)
• J.B. Garden Phase-III: Rs 2,700 per sq.ft (2024)
• J.C.P. Garden (Ward-10): Rs 2,200 per sq.ft (2024)
• Jeeva Nagar: Rs 1,300 per sq.ft (2024)
• Jeeva Nagar (Ward-10): Rs 1,300 per sq.ft (2024)
• Jayalakshmi Garden (Ward-03): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in J.B. Garden Phase-1

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers J.B. Garden Phase-1?

The Sub Registrar Office that covers J.B. Garden Phase-1 is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as the basis for calculating the stamp duty and registration fees that are required during the transaction.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the tax obligations are met according to the established values set by the Registration Department.

Frequently asked questions

What is the current guideline value for J.B. Garden Phase-1?

The current guideline value for J.B. Garden Phase-1 is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, reflecting an 8% increase. There are no figures available for the revisions in the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification for J.B. Garden Phase-1?

J.B. Garden Phase-1 is classified as Residential Special Type - I. This classification impacts the guideline value and the types of properties permitted in the area.

What is the total cost for registering a property in J.B. Garden Phase-1?

The total cost for registering a 1,000 sq.ft property at the current guideline value of Rs 27,00,000 would be Rs 2,43,000, which includes stamp duty and registration fees.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the J.B. Garden Phase-1 area.