Guideline Value for JONES ROAD

Jones Road guideline value

The current guideline value of Jones Road, located in Government farm village under the Chennai South Joint I SRO, is Rs 8,250 per sq.ft as per the 2024 revision effective from 1 July 2024. This area is classified under Residential Class II Type - I.

How the guideline value of Jones Road has changed

The guideline value for Jones Road has seen several revisions over the years. In 2002, the value was Rs 679 per sq.ft, which increased to Rs 1,100 per sq.ft in 2003, marking a 62% rise. The value further rose to Rs 2,000 per sq.ft in 2007, an increase of 82%. The next revision in 2012 saw a decrease to Rs 7,500 per sq.ft, down by 275% from the previous figure. However, this was followed by a significant increase to Rs 5,025 per sq.ft in 2017, a 49% rise. The guideline value continued to increase to Rs 7,500 per sq.ft in 2023 and finally reached Rs 8,250 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1115%. There are no figures available for the years between these revisions for this street.

Guideline values in Government farm

In the Government farm village, there are 35 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,850 to Rs 15,400 per sq.ft, with the median value being Rs 8,250 per sq.ft. The guideline value of Jones Road is equal to this median.

• Government Farm Loop Street: Rs 4,400 per sq.ft (2024)
• Gandhi Road(Kaveri Nagar): Rs 5,830 per sq.ft (2024)
• Gandhi Road(Gandhi Nagar): Rs 5,830 per sq.ft (2024)
• Krishnapillai Thotam: Rs 3,850 per sq.ft (2024)
• Krishnapillai Thotam 1st Street: Rs 3,850 per sq.ft (2024)
• Krishnapillai Thotam 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Jones Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,250 per sq.ft, the total guideline value would be Rs 82,50,000. The stamp duty at 7% would amount to Rs 5,77,500, and the registration fee at 2% would be Rs 1,65,000, bringing the total to Rs 7,42,500. It is important to note that the 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 Jones Road?

The Sub Registrar Office covering Jones Road 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 Government farm

The guideline value is a crucial factor when buying or selling property in Government farm. It serves as a benchmark for determining the stamp duty and registration fees payable during the transaction. Buyers should be aware that the guideline value is utilized by the registration authorities to assess the applicable charges based on the property's value.

When a property is registered, the guideline value is compared against the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Jones Road?

The current guideline value of Jones Road is Rs 8,250 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 679 per sq.ft in 2002 to Rs 8,250 per sq.ft in 2024, reflecting an overall increase of 1115% over this period.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Jones Road?

The Sub Registrar Office for Jones Road 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.

What is the land classification of Jones Road?

Jones Road is classified under Residential Class II Type - I, indicating its suitability for residential development.