Guideline Value for JAISHANKAR NAGAR

Jaishankar Nagar guideline value

The current guideline value for Jaishankar Nagar, located in Palavakkam village under the Neelankarai SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Jaishankar Nagar has changed

The guideline value of Jaishankar Nagar has seen significant changes over the years. In 2002, the value was Rs 75 per sq.ft, which increased to Rs 200 per sq.ft in 2003. Following this, the value rose sharply to Rs 700 per sq.ft in 2007, and then to Rs 6,000 per sq.ft in 2012. However, it dropped to Rs 4,020 per sq.ft in 2017 before climbing to Rs 6,000 per sq.ft in 2023.

From 2023 to 2024, the guideline value increased by 10% to reach Rs 6,600 per sq.ft. The overall change from 2002 to 2024 reflects a substantial increase of 8,700% in the guideline value for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Jaishankar Nagar's 2024 figure above this median.

• Inds.Estate (Electricals & Electrionics Estate): Rs 6,400 per sq.ft (2024)
• Jaya Shankar Nagar(Bazz Avenue) (In S.No.22): Rs 6,600 per sq.ft (2024)
• Jeevanandam 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Jeevanandam Street: Rs 2,800 per sq.ft (2024)
• Jeevarathinam Nagar: Rs 2,200 per sq.ft (2024)
• Jeevarathinam Nagar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jaishankar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jaishankar Nagar?

The Sub Registrar Office covering Jaishankar Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential to consider this value when negotiating the sale price, as the higher of the guideline value or the sale price will be used to calculate the applicable duties and fees.

Frequently asked questions

What is the current guideline value of Jaishankar Nagar?

The current guideline value of Jaishankar Nagar is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 75 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 8,700% over this period.

What is the land classification for Jaishankar Nagar?

Jaishankar Nagar is classified as Residential Special Type - I, indicating its designation for residential use.

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

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.