Guideline Value for JEER NAIDU 2 LANE

Jeer Naidu 2 Lane guideline value

The current guideline value of Jeer Naidu 2 Lane is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village, under the Thiyagaraya nagar SRO, and is classified as Residential Class III Type - II.

How the guideline value of Jeer Naidu 2 Lane has changed

The guideline value for Jeer Naidu 2 Lane has seen several revisions over the years. In 2002, the guideline value was Rs 602 per sq.ft. This increased to Rs 668 per sq.ft in 2003, marking an 11% rise. The value continued to grow significantly, reaching Rs 1,500 per sq.ft in 2007, which was a 125% increase from the previous year. By 2012, the value had risen to Rs 4,500 per sq.ft, reflecting a substantial 200% increase from 2007. However, it then decreased by 33% to Rs 3,015 per sq.ft in 2017.

Following this, the guideline value increased to Rs 4,500 per sq.ft in 2023, a 49% rise from 2017. The most recent revision in 2024 set the guideline value at Rs 5,000 per sq.ft, which is an 11% increase from the previous year. There are no figures for the revisions in years other than those listed.

Guideline values in Mambalam

Mambalam village has a total of 163 streets under the Thiyagaraya nagar SRO, with the 2024 guideline values ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 6,600 per sq.ft, indicating that the guideline value for Jeer Naidu 2 Lane is below this median.

• Jeenis Road: Rs 12,100 per sq.ft (2024)
• Jeer Naidu 3 Lane: Rs 5,000 per sq.ft (2024)
• Jeer Naidu Ist Lane: Rs 5,000 per sq.ft (2024)
• Jeer Naidu Lane: Rs 5,000 per sq.ft (2024)
• Jayaram Street: Rs 5,500 per sq.ft (2024)
• Jones Road (East) Northern Side of Anna Salai Northern Side D.No 8 to Southern side D.No 1: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Jeer Naidu 2 Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty would be calculated at 7%, amounting to Rs 3,50,000, while the registration fee at 2% would be Rs 1,00,000. Together, the total cost for these fees would be Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Jeer Naidu 2 Lane?

The Sub Registrar Office that covers Jeer Naidu 2 Lane is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a critical component in the registration process for property transactions in Mambalam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for legal ownership transfer.

Frequently asked questions

What is the current guideline value of Jeer Naidu 2 Lane?

The current guideline value of Jeer Naidu 2 Lane is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 602 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 731% over this period.

What are the stamp duty and registration fees for properties in Jeer Naidu 2 Lane?

For a property valued at Rs 50,00,000, the stamp duty would be Rs 3,50,000 and the registration fee would be Rs 1,00,000, totaling Rs 4,50,000.

Which Sub Registrar Office covers Jeer Naidu 2 Lane?

The Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35, covers Jeer Naidu 2 Lane.

What is the land classification of Jeer Naidu 2 Lane?

Jeer Naidu 2 Lane is classified as Residential Class III Type - II.