Guideline Value for JAYA NAGAR EXTENSION M.G.R. STREET

Jaya Nagar Extension M.G.R. Street guideline value

The current guideline value of Jaya Nagar Extension M.G.R. Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Mannivakkam village, under the jurisdiction of the Gooduvancheri SRO. The land classification for this area is Mixed Special Type - I.

How the guideline value of Jaya Nagar Extension M.G.R. Street has changed

The guideline value for Jaya Nagar Extension M.G.R. Street has seen several revisions over the years. In the 2012 revision, the guideline value was set at Rs 2,000 per sq.ft. This value remained unchanged until the 2017 revision, which saw a decrease to Rs 1,340 per sq.ft, reflecting a change of -33%. The subsequent 2023 revision increased the value to Rs 2,000 per sq.ft, before reaching the current figure of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Mannivakkam

In Mannivakkam, there are 118 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 4,300 per sq.ft, with a median value of Rs 1,215 per sq.ft. The guideline value of Jaya Nagar Extension M.G.R. Street is notably above this median.

• Jaya Nagar Extn M.G.R. Street: Rs 2,200 per sq.ft (2024)
• Jayaprakash Nagar: Rs 1,320 per sq.ft (2024)
• Jayaram Avenue: Rs 990 per sq.ft (2024)
• Jeyam Avenue: Rs 990 per sq.ft (2024)
• Jothiram Avenue: Rs 990 per sq.ft (2024)
• Indrani Ramachandran Avenue: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Jaya Nagar Extension M.G.R. Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Jaya Nagar Extension M.G.R. Street?

The Jaya Nagar Extension M.G.R. Street falls under the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Mannivakkam, the guideline value is a critical factor in determining the stamp duty and registration fees. The guideline value serves as a benchmark for the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

During the registration process, the authorities will assess the property based on the guideline value, which may affect the overall costs associated with the transaction. Buyers and sellers should be aware of these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value for Jaya Nagar Extension M.G.R. Street?

The current guideline value for Jaya Nagar Extension M.G.R. Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for this street?

The land classification for Jaya Nagar Extension M.G.R. Street is Mixed Special Type - I.

Where can I find the registration office for this area?

The registration office for Jaya Nagar Extension M.G.R. Street is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.