Guideline Value for JOVAN NAGAR

Jovan Nagar guideline value

The current guideline value of Jovan Nagar is Rs 485 per sq.ft, effective from 1 July 2024. This area is located in Vichoor village and falls under the Thiruvottiyur SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Jovan Nagar has changed

The guideline value for Jovan Nagar has seen significant changes over the years. In 2002, the value was Rs 27 per sq.ft, which increased to Rs 100 per sq.ft in 2007. This was a substantial rise of 270%. The next revision in 2012 saw a slight decrease to Rs 440 per sq.ft, a drop of 33%. However, in 2017, the value increased again to Rs 295 per sq.ft, followed by a notable rise to Rs 441 per sq.ft in 2023, marking a 49% increase. The most recent revision in 2024 brought the value to Rs 485 per sq.ft, reflecting a 10% increase from the previous year.

The register has no figure for Jovan Nagar in 2003. Overall, from 2002 to 2024, the guideline value has increased by 1696%, demonstrating substantial growth over the years.

Guideline values in Vichoor

In Vichoor village, there are 45 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 550 per sq.ft. The median value for these streets is Rs 485 per sq.ft, which is equal to the current value of Jovan Nagar.

• Jayalakshmi Nagar: Rs 485 per sq.ft (2024)
• Kamaraj Nagar: Rs 440 per sq.ft (2024)
• Jagan Nagar Ext: Rs 485 per sq.ft (2024)
• Jagan Nagar: Rs 485 per sq.ft (2024)
• I.J Puram: Rs 485 per sq.ft (2024)
• Kolaviziamman Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Jovan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 485 per sq.ft, the total guideline value would be Rs 4,85,000. The stamp duty, charged at 7%, would amount to Rs 33,950, while the registration fee at 2% would be Rs 9,700. Together, the total fees would be Rs 43,650. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jovan Nagar?

Jovan Nagar is covered by the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Vichoor. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is bought or sold, the guideline value helps establish the minimum value for taxation purposes. This means that regardless of the sale price, the guideline value will be used to calculate the applicable duties and fees during registration.

Frequently asked questions

What is the current guideline value of Jovan Nagar?

The current guideline value of Jovan Nagar is Rs 485 per sq.ft, effective from 1 July 2024.

How has the guideline value of Jovan Nagar changed over the years?

The guideline value has changed significantly from Rs 27 per sq.ft in 2002 to Rs 485 per sq.ft in 2024, marking an overall increase of 1696% over this period.

What are the other streets in Vichoor with their guideline values?

Other streets in Vichoor include Jayalakshmi Nagar and Jagan Nagar, both at Rs 485 per sq.ft, Kamaraj Nagar at Rs 440 per sq.ft, and Kolaviziamman Nagar at Rs 330 per sq.ft, among others.

What fees are associated with buying property in Jovan Nagar?

The fees associated with buying property include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Jovan Nagar located?

The Thiruvottiyur Sub Registrar Office, which covers Jovan Nagar, is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.