Guideline Value for JAI NAGAR

Jai Nagar guideline value

The current guideline value of Jai Nagar, located in Korattur village under the Villivakkam SRO, is Rs 2,900 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class II Type - II.

How the guideline value of Jai Nagar has changed

The guideline value for Jai Nagar has undergone several revisions over the years. Starting from Rs 77 per sq.ft in 2002, it increased significantly to Rs 400 per sq.ft by 2007, marking a rise of 419%. The value remained at Rs 400 per sq.ft until 2012, when it was revised to Rs 2,700 per sq.ft, reflecting a substantial increase of 575%. This figure held steady until the 2023 revision, which maintained the guideline value at Rs 2,700 per sq.ft. In 2024, the guideline value increased to Rs 2,900 per sq.ft, representing a 7% rise from the previous year.

There are no figures available for the revisions in 2003 and 2017 for this street. Overall, from 2002 to 2024, the guideline value has increased by 3666%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, making Jai Nagar's 2024 figure of Rs 2,900 per sq.ft above the median.

• JAMBUGESWARA NAGAR 1st. STREET: Rs 1,600 per sq.ft (2024)
• JAMBUGESWARA NAGAR 2nd STREET: Rs 1,600 per sq.ft (2024)
• JAMBUGESWARA NAGAR 3rd STREET: Rs 1,600 per sq.ft (2024)
• JAMBUGESWARA NAGAR 4th STREET: Rs 1,600 per sq.ft (2024)
• JAMBUGESWARA NAGAR 5th STREET: Rs 1,600 per sq.ft (2024)
• JAMBUGESWARA NAGAR 6th STREET: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Jai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, while the registration fee at 2% would be Rs 58,000. Together, the total cost for these fees would be Rs 2,61,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Jai Nagar?

The Sub Registrar Office that covers Jai Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property in Korattur. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, it is essential to be aware of the current guideline value as it directly impacts the overall cost of the transaction. Buyers and sellers should ensure that they are informed about the latest revisions to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Jai Nagar?

The current guideline value of Jai Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 77 per sq.ft in 2002 to Rs 2,900 per sq.ft in 2024, showing a significant increase over the years.

What is the median guideline value for streets in Korattur?

The median guideline value for streets in Korattur is Rs 2,500 per sq.ft, with Jai Nagar's value above this median.

What are the stamp duty and registration fees for a property in Jai Nagar?

The stamp duty for a property in Jai Nagar is 7%, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,61,000.

Which office handles the registration for Jai Nagar?

The Villivakkam Sub Registrar Office handles the registration for Jai Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.