Guideline Value for JAGADAMBAL COLONY 1ST STREET

Jagadambal Colony 1st Street guideline value

The current guideline value of Jagadambal Colony 1st Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class III Type - III.

How the guideline value of Jagadambal Colony 1st Street has changed

In the 2012 revision, the guideline value was Rs 8,000 per sq.ft. This figure then decreased to Rs 5,360 per sq.ft in the 2017 revision, marking a decrease of 33%. The 2023 revision saw a significant increase to Rs 8,000 per sq.ft, followed by another increase to Rs 8,800 per sq.ft in the 2024 revision, which is a 10% rise from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. There are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Mylapore

There are 883 streets in Mylapore under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, which is the same as the current guideline value for Jagadambal Colony 1st Street.

• Jagadambal Colony 2nd Street: Rs 8,800 per sq.ft (2024)
• Iyemperumal Street: Rs 8,800 per sq.ft (2024)
• Irusappa Kiramani Street: Rs 8,800 per sq.ft (2024)
• Irudhayapuram (Dooming Kuppam): Rs 3,300 per sq.ft (2024)
• Indirani Ammal Street: Rs 8,800 per sq.ft (2024)
• Janaki Avenue (Abiramapuram): Rs 15,900 per sq.ft (2024)

Stamp duty and registration fee for property in Jagadambal Colony 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 8,800 per sq.ft, the guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. 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 details.

Which Sub Registrar Office covers Jagadambal Colony 1st Street?

The Sub Registrar Office that covers Jagadambal Colony 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Mylapore. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value must be considered as it influences the total cost incurred during the registration process. It is essential to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Jagadambal Colony 1st Street?

The current guideline value of Jagadambal Colony 1st Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,000 per sq.ft in 2012 to Rs 5,360 per sq.ft in 2017, then back to Rs 8,000 per sq.ft in 2023, and finally to Rs 8,800 per sq.ft in 2024.

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

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000, and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Where can I find the Sub Registrar Office for this street?

The Mylapore Sub Registrar Office covers Jagadambal Colony 1st Street and is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018.

What is the land classification of Jagadambal Colony 1st Street?

Jagadambal Colony 1st Street is classified as Residential Class III Type - III, which indicates the type of development and usage permitted in this area.