Guideline Value for JAGAN NAGAR

Jagan Nagar guideline value

The current guideline value of Jagan Nagar in Vichoor village is Rs 485 per sq.ft, effective from 1 July 2024. This falls under the Residential Class I Type - I land classification and is registered at the Thiruvottiyur SRO.

How the guideline value of Jagan Nagar has changed

The guideline value for Jagan Nagar has undergone several revisions since 2002. The value started at Rs 42 per sq.ft in 2002, increased to Rs 100 per sq.ft in 2007, and then saw a significant rise to Rs 440 per sq.ft in 2012. However, it decreased to Rs 295 per sq.ft in 2017 before climbing to Rs 441 per sq.ft in 2023. The latest revision in 2024 brought the value to Rs 485 per sq.ft, marking a 10% increase from the previous year.

Notably, there is no figure available for Jagan Nagar in the 2003 revision. The overall increase from the 2002 revision to the 2024 revision is a remarkable 1055%, reflecting the changes in guideline values over the years.

Guideline values in Vichoor

In Vichoor, there are 45 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 550 per sq.ft. The median guideline value for these streets is Rs 485 per sq.ft, which is equal to the guideline value for Jagan Nagar.

• Jagan Nagar Ext: Rs 485 per sq.ft (2024)
• Jayalakshmi Nagar: Rs 485 per sq.ft (2024)
• I.J Puram: Rs 485 per sq.ft (2024)
• Jovan Nagar: Rs 485 per sq.ft (2024)
• Kamaraj Nagar: Rs 440 per sq.ft (2024)
• Ganapathi Nagar: Rs 485 per sq.ft (2024)

Stamp duty and registration fee for property in Jagan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 485 per sq.ft, the total guideline value would be Rs 4,85,000. The stamp duty at 7% would amount to Rs 33,950, and the registration fee at 2% would be Rs 9,700, bringing the total fees to Rs 43,650. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Jagan Nagar?

The Sub Registrar Office that covers Jagan Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. For more details, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Vichoor. It serves as a benchmark for determining the stamp duty and registration fees applicable on the property being bought or sold.

When a buyer or seller approaches the registration office, the guideline value is referenced to ensure that the correct fees are calculated based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Jagan Nagar?

The current guideline value of Jagan Nagar is Rs 485 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 42 per sq.ft in 2002 to Rs 485 per sq.ft in 2024, showing an overall increase of 1055% over the years.

What is the registration office for Jagan Nagar?

The registration office for Jagan Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Jagan Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 33,950 based on the current guideline value.

What is the land classification for Jagan Nagar?

Jagan Nagar falls under the Residential Class I Type - I land classification, which is important for understanding the regulatory framework for property in this area.