Guideline Value for JANAKI AVENUE (MRC NAGAR 40 FEET ROAD)

Janaki Avenue (Mrc Nagar 40 Feet Road) guideline value

The current guideline value of Janaki Avenue (Mrc Nagar 40 Feet Road) is Rs 17,600 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Special Type - III.

How the guideline value of Janaki Avenue (Mrc Nagar 40 Feet Road) has changed

The guideline value for Janaki Avenue has undergone several revisions over the years. The earliest recorded figure is from 2012, where the value was Rs 16,000 per sq.ft. This was followed by a decrease to Rs 10,720 per sq.ft in 2017, representing a decline of 33%. However, the value increased significantly to Rs 16,000 per sq.ft in 2023, and then rose again to Rs 17,600 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the increase was substantial at 49%. Overall, when comparing the values from 2012 to 2024, there has been a 10% increase, with the current figure of Rs 17,600 per sq.ft reflecting a notable rise in the guideline value for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Janaki Avenue's 2024 figure of Rs 17,600 per sq.ft above this median.

• Janaki Avenue (Abiramapuram): Rs 15,900 per sq.ft (2024)
• Jawahar Husen 1st Street: Rs 3,300 per sq.ft (2024)
• Jawahar Husen 2nd Street: Rs 3,300 per sq.ft (2024)
• Jawahar Husen 3rd Street: Rs 3,300 per sq.ft (2024)
• Jawahar Husen 4th Street: Rs 3,300 per sq.ft (2024)
• Jawahar Husen 5th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Janaki Avenue (Mrc Nagar 40 Feet Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 17,600 per sq.ft, the total guideline value amounts to Rs 1,76,00,000. The stamp duty at 7% would be Rs 12,32,000, and the registration fee at 2% would be Rs 3,52,000, bringing the total fees to Rs 15,84,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Janaki Avenue (Mrc Nagar 40 Feet Road)?

The Sub Registrar Office that covers Janaki Avenue is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value according to government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. 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 Janaki Avenue?

The current guideline value of Janaki Avenue (Mrc Nagar 40 Feet Road) is Rs 17,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 16,000 per sq.ft in 2012 to Rs 10,720 per sq.ft in 2017, then back to Rs 16,000 per sq.ft in 2023, and finally to Rs 17,600 per sq.ft in 2024.

What is the land classification of Janaki Avenue?

Janaki Avenue is classified as Residential Special Type - III under the Mylapore SRO.

What are the stamp duty and registration fees for properties in Janaki Avenue?

For a property valued at Rs 1,76,00,000, the stamp duty would be Rs 12,32,000 and the registration fee would be Rs 3,52,000, totaling Rs 15,84,000.

Where is the Sub Registrar Office for Janaki Avenue located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.