Guideline Value for Jacob Street

Jacob Street guideline value

The current guideline value of Jacob Street in Madipakkam-1 village under the Velacheri SRO is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Jacob Street has changed

The guideline value for Jacob Street has seen significant changes over the years. In the 2017 revision, the value was Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 set the value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for Jacob Street in the revisions for the years 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, a total of 1,823 streets fall under the Velacheri SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is equal to the current guideline value of Jacob Street.

• Jaganathan Street: Rs 2,200 per sq.ft (2024)
• I.T.C. Nagar: Rs 1,650 per sq.ft (2024)
• Iswarya Street/Sheela Nagar/Lakshmi Nagar: Rs 2,750 per sq.ft (2024)
• Iswarya Street/Sheela Nagar: Rs 2,750 per sq.ft (2024)
• Iswarya Nagar: Rs 2,200 per sq.ft (2024)
• Inner Ring Road (newly formed): Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Jacob Street

For a 1,000 sq.ft plot at the current guideline value of Jacob Street, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. 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 Jacob Street?

The Sub Registrar Office that covers Jacob Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is sold, the buyer and seller must consider the guideline value to ensure that the registration fees are accurately calculated. This helps in maintaining transparency and compliance with the local regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Jacob Street?

The current guideline value of Jacob Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Jacob Street has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, representing a total increase of 64% over this period.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values, with rates ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft.

What is the stamp duty rate for properties in Jacob Street?

The stamp duty rate for properties in Jacob Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Jacob Street?

The Velacheri Sub Registrar Office covers Jacob Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.