Guideline Value for JAYA SHANKAR NAGAR(BAZZ AVENUE) (IN S.NO.22)

Jaya Shankar Nagar(Bazz Avenue) (In S.No.22) guideline value

The current guideline value of Jaya Shankar Nagar(Bazz Avenue) (In S.No.22) is Rs 6,600 per sq.ft, effective from 1 July 2024. This property is located in Palavakkam village and falls under the Neelankarai SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Jaya Shankar Nagar(Bazz Avenue) (In S.No.22) has changed

The guideline value for Jaya Shankar Nagar(Bazz Avenue) has undergone several revisions over the years. In 2012, the value was Rs 6,000 per sq.ft, which then decreased to Rs 4,020 per sq.ft in 2017. Following that, the value increased significantly to Rs 6,000 per sq.ft in 2023, and currently stands at Rs 6,600 per sq.ft as of the 2024 revision. The changes between these revisions include a decrease of 33% from 2012 to 2017, a substantial increase of 49% from 2017 to 2023, and a 10% rise from 2023 to 2024.

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

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that have a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Jaya Shankar Nagar(Bazz Avenue) well above this median.

• Jeevanandam 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Jeevanandam Street: Rs 2,800 per sq.ft (2024)
• Jeevarathinam Nagar: Rs 2,200 per sq.ft (2024)
• Jeevarathinam Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Jeevarathinam Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Jeevarathinam Nagar 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jaya Shankar Nagar(Bazz Avenue) (In S.No.22)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000, bringing the total fees together to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Jaya Shankar Nagar(Bazz Avenue) (In S.No.22)?

The Sub Registrar Office that covers Jaya Shankar Nagar(Bazz Avenue) is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value serves as a benchmark for the registration of property transactions in Palavakkam. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation of the property.

It is essential for buyers and sellers to be aware of the current guideline value as it directly impacts the financial obligations during the registration process. This ensures transparency and adherence to legal requirements in property transactions.

Frequently asked questions

What is the current guideline value of Jaya Shankar Nagar(Bazz Avenue)?

The current guideline value of Jaya Shankar Nagar(Bazz Avenue) is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,000 per sq.ft in 2012 to Rs 4,020 per sq.ft in 2017, then to Rs 6,000 per sq.ft in 2023, and currently to Rs 6,600 per sq.ft in 2024.

What is the land classification for Jaya Shankar Nagar(Bazz Avenue)?

The land classification for Jaya Shankar Nagar(Bazz Avenue) is Residential Special Type - I.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office covers this area?

The Neelankarai Sub Registrar Office covers Jaya Shankar Nagar(Bazz Avenue), located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.