Guideline Value for J.V. Nagar

J.V. Nagar guideline value

The current guideline value of J.V. Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - III.

How the guideline value of J.V. Nagar has changed

The guideline value for J.V. Nagar has seen several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 1,675 per sq.ft. This figure increased significantly to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 set the guideline value at Rs 2,750 per sq.ft, representing a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, which aligns with the current guideline value of J.V. Nagar.

• Kabaleeswarar Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Kabaleeswar Nagar: Rs 1,650 per sq.ft (2024)
• Kaduvetti Vinayagar Koil Street/Kubera Nagar: Rs 3,850 per sq.ft (2024)
• Kaduvetti Vinayagar Koil Street/New Kubera Nagar: Rs 2,750 per sq.ft (2024)
• Kaduvetti Vinayager Koil Street: Rs 2,750 per sq.ft (2024)
• Jothiramalingam Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in J.V. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers J.V. Nagar?

The Sub Registrar Office that covers J.V. Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor during the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring transparency in property transactions.

When a property is registered, the guideline value is used to calculate the applicable fees, which can influence the overall cost of the transaction. Buyers and sellers should be aware of these values to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of J.V. Nagar?

The current guideline value of J.V. Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

What is the land classification of J.V. Nagar?

J.V. Nagar is classified as Residential Class I Type - III, which indicates its designation for residential development.

What are the stamp duty and registration fees for property in J.V. Nagar?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, these fees total Rs 2,47,500 based on the current guideline value.

Which office handles registrations for J.V. Nagar?

The Velacheri Sub Registrar Office handles registrations for J.V. Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.