Guideline Value for JAYALAKSHMI NAGAR

Jayalakshmi Nagar guideline value

The current guideline value of Jayalakshmi Nagar, located in Vanagaram village, is Rs 1,650 per sq.ft. This value is set to take effect from 1 July 2024 and falls under the Residential Class IV Type - I land classification, governed by the Chennai South Joint I SRO.

How the guideline value of Jayalakshmi Nagar has changed

Over the years, the guideline value of Jayalakshmi Nagar has seen significant changes. The earliest recorded figure is from 2002, which was Rs 41 per sq.ft. This value increased to Rs 85 per sq.ft in 2003, marking a rise of 107%. By 2007, the guideline value jumped to Rs 500 per sq.ft, a substantial increase of 488%. In 2012, it saw another increase to Rs 1,500 per sq.ft, reflecting a growth of 200%. However, there was a decrease in 2017, where the value dropped to Rs 1,005 per sq.ft, a decline of 33%. The value then increased to Rs 1,500 per sq.ft in 2023, followed by the current figure of Rs 1,650 per sq.ft from 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 3924%. It is important to note that the register has no figure for the years not specifically mentioned, ensuring clarity in the historical data of this street.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,660 per sq.ft, placing Jayalakshmi Nagar's 2024 figure below that median.

• Jayalakshmi Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Jayalakshmi Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Jayalakshmi Nagar 3rd Street: Rs 1,650 per sq.ft (2024)
• Jayalakshmi Nagar 4th Street: Rs 1,650 per sq.ft (2024)
• Jayaram Nagar: Rs 1,320 per sq.ft (2024)
• Jayaram Nagar 1st Cross Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Jayalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty, charged at 7%, would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for these fees would be Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Jayalakshmi Nagar?

The Sub Registrar Office that covers Jayalakshmi 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 Vanagaram

The guideline value plays a critical role when buying or selling property in Vanagaram. It is the minimum value set by the government for registration purposes, ensuring that the property is registered at a value that reflects its worth. This value is crucial for calculating stamp duty and registration fees, which are mandatory during the property transaction process.

When a property is sold, the buyer and seller must consider the guideline value to determine the applicable fees. The registration office uses this value to assess the appropriate stamp duty and registration charges, which are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Jayalakshmi Nagar?

The current guideline value of Jayalakshmi Nagar is Rs 1,650 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 41 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 3924% over the years.

What is the land classification for Jayalakshmi Nagar?

Jayalakshmi Nagar falls under the Residential Class IV Type - I land classification.

What are the stamp duty and registration fees for property in Jayalakshmi Nagar?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 16,50,000, the total fees would amount to Rs 1,48,500.

Which office handles registrations for Jayalakshmi Nagar?

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