Guideline Value for JANAKIRAM COLONY

Janakiram Colony guideline value

The current guideline value of Janakiram Colony, located in Nerkundram village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Janakiram Colony has changed

The guideline value for Janakiram Colony has undergone several revisions since 2002. The values are as follows: in 2002, it was Rs 110 per sq.ft, which increased to Rs 122 per sq.ft in 2003. The value saw a significant rise to Rs 350 per sq.ft in 2007, followed by a substantial increase to Rs 2,500 per sq.ft in 2012. However, it dropped to Rs 1,675 per sq.ft in 2017 before climbing to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft.

Examining the changes between these revisions, the increase from 2002 to 2024 is a remarkable +2400%. The guideline value rose by +11% from 2002 to 2003, followed by a +187% increase from 2003 to 2007. The value then surged by +614% from 2007 to 2012. After a decline of -33% from 2012 to 2017, the value increased by +49% from 2017 to 2023, and finally, there was a +10% rise from 2023 to 2024.

Guideline values in Nerkundram

Nerkundram village has 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft as of 2024. The median value in this area is Rs 2,200 per sq.ft, placing Janakiram Colony's 2024 figure above this median.

• Jayalakshmi Nagar 1st Main Road: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 1st Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 2nd Main Road: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 3rd Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 4th Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Janakiram Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Janakiram Colony?

The Sub Registrar Office that covers Janakiram Colony is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When purchasing property, the guideline value ensures that the transaction is recorded accurately and reflects the property's worth according to government standards. This process helps maintain transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Janakiram Colony?

The current guideline value of Janakiram Colony is Rs 2,750 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 110 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of +2400% over the years.

What are the stamp duty and registration fees for property in Janakiram Colony?

The stamp duty for a property valued at Rs 27,50,000 is Rs 1,92,500, and the registration fee is Rs 55,000, totaling Rs 2,47,500 for these fees.

Which Sub Registrar Office is responsible for Janakiram Colony?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, is responsible for Janakiram Colony.

What is the land classification for Janakiram Colony?

Janakiram Colony is classified as Residential Class III Type - I, indicating its designation for residential use within the area.