Guideline Value for JONES ROAD

Jones Road guideline value

The current guideline value of Jones Road in Saidapet village is Rs 8,250 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Commercial Class I 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 935 per sq.ft, which increased to Rs 1,100 per sq.ft in 2003, marking an increase of 18%. By 2007, the value rose significantly to Rs 1,400 per sq.ft, reflecting a 27% increase. The 2012 revision saw the value jump to Rs 7,500 per sq.ft, a remarkable increase of 436%. However, in 2017, the value decreased to Rs 5,025 per sq.ft, a decline of 33%. The subsequent revision in 2023 brought the value up to Rs 7,500 per sq.ft, and the latest revision in 2024 has set it at Rs 8,250 per sq.ft, representing a 10% increase from the previous year.

Overall, from the initial value in 2002 to the current value in 2024, there has been an increase of 782%. The register has no figure for the years not mentioned in the revisions.

Guideline values in Saidapet

In Saidapet, there are 52 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,250 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Jones Road's 2024 figure above that median.

• Jayaram Chetty Street: Rs 5,500 per sq.ft (2024)
• Kamarajar Street: Rs 3,300 per sq.ft (2024)
• Karaneeswarar Koil Street: Rs 4,950 per sq.ft (2024)
• Karan Garden: Rs 2,750 per sq.ft (2024)
• Karan Garden 1st Street: Rs 2,750 per sq.ft (2024)
• Karan Garden 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Jones Road

For a 1,000 sq.ft plot at the current rate of Rs 8,250 per sq.ft, the guideline value amounts to Rs 82,50,000. The stamp duty, charged at 7%, would be Rs 5,77,500, and the registration fee at 2% would be Rs 1,65,000, totaling Rs 7,42,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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 information.

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

The guideline value plays a crucial role in property transactions in Saidapet, as it is used to determine the stamp duty and registration fees applicable at the time of registration. Buyers and sellers must consider this value to ensure compliance with local regulations and to accurately assess the costs involved in the transaction.

When purchasing property, the guideline value is often used as a benchmark to ascertain the minimum value for stamp duty calculations. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

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 from Rs 935 per sq.ft in 2002 to Rs 8,250 per sq.ft in 2024, reflecting an overall increase of 782% over this period.

What are the stamp duty rates for property on Jones Road?

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

Where is the Sub Registrar Office for Jones Road located?

The Sub Registrar Office for Jones Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What other streets have guideline values in Saidapet?

Other streets in Saidapet include Jayaram Chetty Street at Rs 5,500 per sq.ft, Kamarajar Street at Rs 3,300 per sq.ft, and Karaneeswarar Koil Street at Rs 4,950 per sq.ft, among others.