Guideline Value for JAYA NAGAR

Jaya Nagar guideline value

The current guideline value of Jaya Nagar, located in Medavakkam village under the Chennai South Joint I SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Jaya Nagar has changed

Over the years, the guideline value of Jaya Nagar has seen significant changes. In 2003, the guideline value was Rs 93 per sq.ft. This increased to Rs 300 per sq.ft in 2007, marking a substantial rise of 223%. The value then jumped dramatically to Rs 2,000 per sq.ft in 2012, reflecting an increase of 567%. However, the value decreased to Rs 1,340 per sq.ft in 2017, a decline of 33%. The guideline value then rose to Rs 2,000 per sq.ft in 2023, and finally reached Rs 2,200 per sq.ft in 2024, which is an increase of 10% from the previous year.

In summary, from 2003 to 2024, the overall increase in the guideline value is a remarkable 2,266%. The register has no figure for this street in 2002.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the guideline value of Jaya Nagar.

• Jaya Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Jayaprakash Narayanan Street: Rs 1,870 per sq.ft (2024)
• J K Avenue: Rs 2,750 per sq.ft (2024)
• Iyyappa Nagar Extn: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar Cross Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jaya Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, these fees amount 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.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jaya Nagar?

The Sub Registrar Office that covers Jaya Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

When buying or selling property in Medavakkam, the guideline value plays a crucial role during the registration process. The guideline value is used to determine the stamp duty and registration fees, ensuring that they are calculated based on the official rates set by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. The higher of the guideline value or the sale price will be considered for calculating the applicable duties and fees.

Frequently asked questions

What is the current guideline value of Jaya Nagar?

The current guideline value of Jaya Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2003, the guideline value has increased from Rs 93 per sq.ft to Rs 2,200 per sq.ft in 2024, representing an overall increase of 2,266%.

What are the stamp duty and registration fees for Jaya Nagar?

For a property valued at Rs 22,00,000, the stamp duty is Rs 1,54,000 and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations in Jaya Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Jaya Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is essential for both buyers and sellers to consider the guideline value, as it determines the costs associated with the registration process.