Guideline Value for JAIN KOIL STREET

Jain Koil Street guideline value

The current guideline value of Jain Koil Street in Karambakkam village is Rs 1,930 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Jain Koil Street has changed

The guideline value for Jain Koil Street has undergone several revisions over the years. In 2002, the guideline value was Rs 190 per sq.ft, which increased to Rs 219 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 500 per sq.ft in 2007, and then it surged to Rs 1,750 per sq.ft in 2012. However, it decreased to Rs 1,172 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,750 per sq.ft in 2023, and finally, it has reached Rs 1,930 per sq.ft in 2024.

Examining the changes between these revisions reveals a range of fluctuations. From 2002 to 2003, the increase was +15%. The value rose by +128% from 2003 to 2007. There was a significant jump of +250% from 2007 to 2012, followed by a decrease of -33% from 2012 to 2017. The value then increased by +49% from 2017 to 2023, culminating in a +10% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +916%.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,930 per sq.ft, which is the same as the current guideline value for Jain Koil Street.

• Jain Koil Cross Street: Rs 1,930 per sq.ft (2024)
• Jaya Nagar: Rs 3,030 per sq.ft (2024)
• Jaya Nagar Chruch Street: Rs 3,030 per sq.ft (2024)
• Jayanagar Estates: Rs 3,030 per sq.ft (2024)
• Jaya Nagar Jaya Vinayagar Koil Street: Rs 3,030 per sq.ft (2024)
• Jaya Nagar Masque Street: Rs 3,030 per sq.ft (2024)

Stamp duty and registration fee for property in Jain Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,930 per sq.ft, the total guideline value would be Rs 19,30,000. The stamp duty at 7% would be Rs 1,35,100, and the registration fee at 2% would be Rs 38,600, bringing the total to Rs 1,73,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jain Koil Street?

The Sub Registrar Office that covers Jain Koil Street is the Chennai South Joint I 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 Karambakkam

The guideline value is a crucial factor when it comes to property transactions in Karambakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which must be paid during the property transfer process.

When buying or selling property, the guideline value ensures that the transaction is transparent and helps in preventing undervaluation. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during registration.

Frequently asked questions

What is the current guideline value of Jain Koil Street?

The current guideline value of Jain Koil Street is Rs 1,930 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 190 per sq.ft in 2002 to Rs 1,930 per sq.ft in 2024, reflecting an overall increase of +916% over this period.

What is the land classification of Jain Koil Street?

Jain Koil Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for properties on Jain Koil Street?

For a property valued at Rs 19,30,000, the stamp duty would be Rs 1,35,100 and the registration fee would be Rs 38,600, totaling Rs 1,73,700.

Which office handles the registration for Jain Koil Street?

The registration for Jain Koil Street is handled by the Chennai South Joint I Sub Registrar Office, located in Fanepet Nandanam, Chennai.