Guideline Value for JAI NAGAR

Jai Nagar guideline value

The current guideline value of Jai Nagar, located in Janagipuram village, is Rs 200 per sq.ft, effective from 1 July 2024. This area falls under the Madurandakam Sub Registrar Office and is classified as Residential Special Type - I.

How the guideline value of Jai Nagar has changed

The guideline value for Jai Nagar has seen several revisions over the years. In 2012, the value was set at Rs 200 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 134 per sq.ft. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back to Rs 200 per sq.ft, a figure that has remained consistent through the 2024 revision.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. The overall change from the 2012 revision to the 2024 revision shows no increase, maintaining the guideline value at Rs 200 per sq.ft.

Guideline values in Janagipuram

In Janagipuram, there are five streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 448 per sq.ft, with the median being Rs 300 per sq.ft. The guideline value for Jai Nagar is below this median.

• Jai Nagar Phase-II: Rs 200 per sq.ft (2024)
• Jr Garden: Rs 300 per sq.ft (2024)
• Mary Joseph Nagar: Rs 448 per sq.ft (2024)
• Vip City Central Square Radha Nagar: Rs 300 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 200 per sq.ft, the total guideline value amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, making the total charges Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on the applicable fees.

Which Sub Registrar Office covers Jai Nagar?

The Jai Nagar area is covered by the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Janagipuram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Jai Nagar?

The current guideline value of Jai Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Jai Nagar has remained at Rs 200 per sq.ft from 2012 to 2024, with a decrease to Rs 134 per sq.ft in 2017, followed by an increase back to Rs 200 per sq.ft in 2023.

What is the land classification for Jai Nagar?

Jai Nagar is classified as Residential Special Type - I according to the land classification guidelines.

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

The stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur total charges of Rs 18,000.

Where is the Madurandakam Sub Registrar Office located?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.