Guideline Value for JAGANNATHAN STREET

Jagannathan Street guideline value

The current guideline value of Jagannathan Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - I.

How the guideline value of Jagannathan Street has changed

Over the years, the guideline value of Jagannathan Street has seen significant changes. In the 2002 revision, the value was Rs 245 per sq.ft. This increased to Rs 304 per sq.ft in 2003, marking a 24% rise. The value continued to rise dramatically, reaching Rs 1,100 per sq.ft in 2007, which was a 262% increase from the previous revision. The 2012 revision saw a decrease to Rs 2,800 per sq.ft, a drop of 33%. However, the value surged again to Rs 1,876 per sq.ft in 2017, reflecting a 49% increase. The 2023 revision set the guideline value at Rs 2,800 per sq.ft, and the latest 2024 revision has increased it to Rs 3,100 per sq.ft, which is an 11% rise.

There are no figures available for revisions in years other than those listed. The overall change from 2002 to 2024 shows a remarkable increase of 1165% in the guideline value for Jagannathan Street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with the median value being Rs 3,100 per sq.ft. Jagannathan Street's current guideline value matches this median.

• Jai Balaji Nagar: Rs 3,550 per sq.ft (2024)
• Jai Balaji Nagar Annex: Rs 3,550 per sq.ft (2024)
• Indira Nagar: Rs 3,100 per sq.ft (2024)
• High View Nagar (Rayala Nagar Annexe): Rs 3,850 per sq.ft (2024)
• Hari Shankar Street: Rs 3,100 per sq.ft (2024)
• Hariharan Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Jagannathan Street

For a 1,000 sq.ft plot at the current rate of Rs 3,100 per sq.ft, the guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, totaling Rs 2,79,000. 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 Jagannathan Street?

The Sub Registrar Office that covers Jagannathan Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Ramapuram. It helps determine the stamp duty and registration fees applicable to the transaction. Buyers must be aware that the guideline value is used to calculate these fees, which are mandatory for the legal transfer of property ownership.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair price as determined by the local authorities. This process helps maintain transparency and standardization in property dealings within the region.

Frequently asked questions

What is the current guideline value of Jagannathan Street?

The current guideline value of Jagannathan Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 245 per sq.ft in 2002 to Rs 3,100 per sq.ft in 2024, reflecting a significant overall increase of 1165%.

What are the other streets in Ramapuram with their guideline values?

Other streets in Ramapuram include Jai Balaji Nagar and Jai Balaji Nagar Annex at Rs 3,550 per sq.ft, Indira Nagar, Hari Shankar Street, and Hariharan Street at Rs 3,100 per sq.ft, and High View Nagar (Rayala Nagar Annexe) at Rs 3,850 per sq.ft.

How is stamp duty calculated for properties in Jagannathan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at Rs 3,100 per sq.ft would incur a stamp duty of Rs 2,17,000.

Where can I find the Sub Registrar Office for Jagannathan Street?

The Sub Registrar Office for Jagannathan Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.