Guideline Value for JAYA NAGAR (Madanakuppam)

JAYA NAGAR (Madanakuppam) guideline value

The current guideline value of JAYA NAGAR (Madanakuppam) is Rs 1,600 per sq.ft, effective from 1 July 2024. This property is located in Korattur village and falls under the Villivakkam SRO. The land classification for this area is Residential Class III Type - III.

How the guideline value of JAYA NAGAR (Madanakuppam) has changed

The guideline value for JAYA NAGAR (Madanakuppam) has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision. However, the value significantly increased to Rs 1,500 per sq.ft in the 2023 revision, and further rose to Rs 1,600 per sq.ft in the 2024 revision, marking a 7% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%, reflecting a substantial change in the market. Overall, from the 2012 revision to the 2024 revision, there has been a 7% increase. The revisions for the years 2002, 2003, and 2007 have no figures recorded for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, placing JAYA NAGAR (Madanakuppam) below that median.

• Jaya Nagar (Kallikuppam): Rs 1,300 per sq.ft (2024)
• Jaya Nagar Extension: Rs 2,900 per sq.ft (2024)
• Jayanthi Nagar: Rs 1,300 per sq.ft (2024)
• Jaya Nagar Annexe: Rs 2,900 per sq.ft (2024)
• Jaya Nagar: Rs 2,900 per sq.ft (2024)
• Jasmin Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in JAYA NAGAR (Madanakuppam)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total fees together Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers JAYA NAGAR (Madanakuppam)?

The Sub Registrar Office that covers JAYA NAGAR (Madanakuppam) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a critical factor in property transactions within Korattur. It serves as a benchmark for determining the minimum price at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that all transactions are recorded accurately and that the appropriate taxes are paid to the government.

Frequently asked questions

What is the current guideline value of JAYA NAGAR (Madanakuppam)?

The current guideline value of JAYA NAGAR (Madanakuppam) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for JAYA NAGAR (Madanakuppam)?

JAYA NAGAR (Madanakuppam) is classified as Residential Class III Type - III.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers JAYA NAGAR (Madanakuppam)?

The Villivakkam Sub Registrar Office covers JAYA NAGAR (Madanakuppam), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.