Guideline Value for JEMI AVENUE

Jemi Avenue guideline value

The current guideline value of Jemi Avenue in Korattur village, under the Villivakkam SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of Jemi Avenue has changed

The guideline value for Jemi Avenue has seen several revisions over the years. Starting from Rs 56 per sq.ft in 2002, it increased significantly to Rs 250 per sq.ft in 2007, marking a change of +346%. The value then jumped to Rs 1,200 per sq.ft in 2012, an increase of +380%. However, it experienced a decline to Rs 804 per sq.ft in 2017, which was a decrease of -33%. The next revision in 2023 raised the value to Rs 1,200 per sq.ft, a substantial increase of +49%. As of the 2024 revision, the value stands at Rs 1,300 per sq.ft, reflecting an increase of +8% from the previous year.

It is important to note that there is no figure available for Jemi Avenue in the 2003 revision. Overall, from 2002 to 2024, the guideline value has increased by +2221%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Jemi Avenue's 2024 figure below that median.

• Jayanthi Nagar: Rs 1,300 per sq.ft (2024)
• JAYA NAGAR (Madanakuppam): Rs 1,600 per sq.ft (2024)
• Jaya Nagar (Kallikuppam): Rs 1,300 per sq.ft (2024)
• Jaya Nagar Extension: Rs 2,900 per sq.ft (2024)
• Jaya Nagar Annexe: Rs 2,900 per sq.ft (2024)
• Jaya Nagar: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Jemi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. 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 details.

Which Sub Registrar Office covers Jemi Avenue?

The Sub Registrar Office that covers Jemi Avenue is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that the guideline value may differ from the actual sale price, and the duty is charged based on the higher of the two.

When registering a property, it is essential to refer to the latest guideline value to ensure compliance with the regulations set by the Registration Department. This ensures that all financial obligations related to the property transaction are met accurately.

Frequently asked questions

What is the current guideline value of Jemi Avenue?

The current guideline value of Jemi Avenue is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 56 per sq.ft in 2002 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of +2221% over the years.

What is the registration office for Jemi Avenue?

The registration office for Jemi Avenue is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Jemi Avenue?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 1,300 per sq.ft, the stamp duty would be Rs 91,000.

What is the land classification for Jemi Avenue?

Jemi Avenue falls under the Residential Class IV Type - I land classification.