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 II SRO and is classified as Commercial Class I Type - II.

How the guideline value of Jones Road has changed

Over the years, the guideline value of Jones Road has seen significant changes. The earliest recorded figure is from 2002, where the guideline value was Rs 782 per sq.ft. This figure increased to Rs 1,100 per sq.ft in 2003, marking a 41% rise. The value then rose to Rs 2,500 per sq.ft in 2007, reflecting a substantial increase of 127%. Following this, the value saw a remarkable jump to Rs 7,500 per sq.ft in 2012, which was a 200% increase. However, it then decreased to Rs 5,025 per sq.ft in 2017, showing a decline of 33%.

In the subsequent revisions, the guideline value increased to Rs 7,500 per sq.ft in 2023, a rise of 49%. The most recent revision in 2024 has set the value at Rs 8,250 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 955%.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Jones Road is above this median.

• Jeeva Street: Rs 4,400 per sq.ft (2024)
• Jayaram Chetty Street: Rs 5,500 per sq.ft (2024)
• Kaleeswarar Koil Street: Rs 4,950 per sq.ft (2024)
• Kamarajar Street: Rs 4,400 per sq.ft (2024)
• Kambar Street: Rs 5,500 per sq.ft (2024)
• Ilaiyalvar Koil Street: Rs 4,400 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. Together, the total cost for these fees would be 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jones Road?

The Sub Registrar Office that covers Jones Road is the Chennai South Joint II 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 additional information.

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

The guideline value plays a crucial role during the registration of property transactions in Saidapet. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory for any property transfer. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value can influence the overall transaction process. It is essential for both parties to understand that the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. This ensures that all legal requirements are met during the property transaction.

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 increased from Rs 782 per sq.ft in 2002 to Rs 8,250 per sq.ft in 2024, marking an overall increase of 955%.

What are the stamp duty and registration fees for properties on Jones Road?

For a property valued at Rs 82,50,000, the stamp duty would be Rs 5,77,500, and the registration fee would be Rs 1,65,000, totaling Rs 7,42,500.

Which office handles property registrations for Jones Road?

The Chennai South Joint II Sub Registrar Office handles property registrations for Jones Road, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Jones Road?

Jones Road is classified as Commercial Class I Type - II, indicating its designation for commercial use within the area.