Guideline Value for JAYAPRAKASH NARAYANAN STREET

Jayaprakash Narayanan Street guideline value

The current guideline value of Jayaprakash Narayanan Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Jayaprakash Narayanan Street has changed

Over the years, the guideline value of Jayaprakash Narayanan Street has seen several revisions. The 2012 revision set the value at Rs 1,700 per sq.ft, which was then reduced to Rs 1,139 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,700 per sq.ft, and the most recent 2024 revision raised it further to Rs 1,870 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes between revisions show a significant increase from Rs 1,139 per sq.ft in 2017 to Rs 1,870 per sq.ft in 2024, which is a 49% rise over that period. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. Jayaprakash Narayanan Street's guideline value of Rs 1,870 per sq.ft is below this median.

• Jaya Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Jaya Nagar: Rs 2,200 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 Jayaprakash Narayanan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400. Thus, the total cost for stamp duty and registration fees together would be Rs 1,68,300. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Jayaprakash Narayanan Street?

The Sub Registrar Office that covers Jayaprakash Narayanan Street 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 details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for calculating the stamp duty and registration fees that are payable during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair price, reflecting the current market conditions. This value is used by the registration authorities to determine the applicable fees, which are based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of Jayaprakash Narayanan Street?

The current guideline value of Jayaprakash Narayanan Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the land classification for Jayaprakash Narayanan Street?

The land classification for Jayaprakash Narayanan Street is Residential Class III Type - I.

How does the guideline value compare to other streets in Medavakkam?

The guideline value of Rs 1,870 per sq.ft for Jayaprakash Narayanan Street is below the median value of Rs 2,200 per sq.ft for other streets in Medavakkam.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Jayaprakash Narayanan Street 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.