Guideline Value for JAYALAKSHMI NAGAR

Jayalakshmi Nagar guideline value

The current guideline value of Jayalakshmi Nagar, located in Vichoor village under the Thiruvottiyur SRO, is Rs 485 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Jayalakshmi Nagar has changed

The guideline value for Jayalakshmi Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 37 per sq.ft, which increased to Rs 100 per sq.ft in 2007. This was a substantial rise of 170%. The value then jumped to Rs 440 per sq.ft in 2012, marking a 340% increase from the previous revision. However, it decreased to Rs 295 per sq.ft in 2017, a drop of 33%. By the 2023 revision, the value had risen to Rs 441 per sq.ft, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 485 per sq.ft, representing a 10% increase from 2023.

Overall, from 2002 to 2024, the guideline value has increased by 1211%. It is important to note that there is no figure available for this street in the 2003 revision.

Guideline values in Vichoor

In Vichoor, there are 45 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 550 per sq.ft, with the median value being Rs 485 per sq.ft. The guideline value of Jayalakshmi Nagar is equal to this median.

• Jagan Nagar Ext: Rs 485 per sq.ft (2024)
• Jagan Nagar: Rs 485 per sq.ft (2024)
• Jovan Nagar: Rs 485 per sq.ft (2024)
• I.J Puram: Rs 485 per sq.ft (2024)
• Kamaraj Nagar: Rs 440 per sq.ft (2024)
• Ganapathi Nagar: Rs 485 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 485 per sq.ft, the total guideline value would be Rs 4,85,000. The stamp duty at 7% would amount to Rs 33,950, and the registration fee at 2% would be Rs 9,700, totaling Rs 43,650. It is important to note that the duty is charged on the higher of the guideline value and 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 Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor in the property registration process in Vichoor. It determines the minimum value at which a property can be registered, ensuring that the appropriate stamp duty and registration fees are calculated based on this value.

When buying or selling property, the guideline value serves as a benchmark to assess the transaction price. If the sale price exceeds the guideline value, the stamp duty is calculated on the higher amount, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Jayalakshmi Nagar?

The current guideline value of Jayalakshmi Nagar is Rs 485 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 37 per sq.ft in 2002 to Rs 485 per sq.ft in 2024, reflecting an overall increase of 1211% over the years.

What is the land classification for Jayalakshmi Nagar?

Jayalakshmi Nagar is classified as Residential Class I Type - I, indicating its designation for residential use.

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

For a property valued at Rs 4,85,000, the stamp duty would be Rs 33,950 and the registration fee would be Rs 9,700, totaling Rs 43,650.

Which office handles property registrations for Jayalakshmi Nagar?

The Thiruvottiyur Sub Registrar Office handles property registrations for Jayalakshmi Nagar, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.