Guideline Value for Jaffar Sarang street

Jaffar Sarang street guideline value

The current guideline value of Jaffar Sarang street is Rs 14,800 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this street is Commercial Class I Type - III.

How the guideline value of Jaffar Sarang street has changed

The guideline value for Jaffar Sarang street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 2,891 per sq.ft. This value increased to Rs 3,286 per sq.ft in 2003, marking a 14% rise. The guideline value then rose to Rs 4,500 per sq.ft in 2007, reflecting a significant increase of 37%. In 2012, the value remained at Rs 13,500 per sq.ft, which was a 200% increase from the previous revision. The value dropped to Rs 9,045 per sq.ft in 2017, a decrease of 33%. The next revision in 2023 set the value at Rs 13,500 per sq.ft, which was a 49% increase. Finally, the current value as of 2024 is Rs 14,800 per sq.ft, a 10% increase from the previous year.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. Jaffar Sarang street's 2024 guideline value is above this median.

• Jaffar Sarang lane: Rs 7,700 per sq.ft (2024)
• Jaffer lane Masthan lane: Rs 4,900 per sq.ft (2024)
• Jahangir lane*: Rs 15,900 per sq.ft (2024)
• Jahangir street[2nd line Beech]: Rs 15,900 per sq.ft (2024)
• Javer Street(Gopal Chetty Street): Rs 4,900 per sq.ft (2024)
• Ibrahim Salai 2nd lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Jaffar Sarang street

For a 1,000 sq.ft plot at the current rate of Rs 14,800 per sq.ft, the guideline value amounts to Rs 1,48,00,000. The stamp duty at 7% would be Rs 10,36,000, and the registration fee at 2% would be Rs 2,96,000, bringing the total to Rs 13,32,000. 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 Jaffar Sarang street?

The Sub Registrar Office that covers Jaffar Sarang street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Muthialpet. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees. Buyers and sellers must consider this value when negotiating the sale price of a property.

When registering a property, the guideline value serves as a benchmark for calculating the applicable stamp duty and registration fees. It is essential to understand that these charges are based on the higher of the guideline value or the actual sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Jaffar Sarang street?

The current guideline value of Jaffar Sarang street is Rs 14,800 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 2,891 per sq.ft in 2002 to Rs 14,800 per sq.ft in 2024, reflecting a total increase of 412% over the years.

What is the land classification for Jaffar Sarang street?

Jaffar Sarang street is classified as Commercial Class I Type - III.

What are the stamp duty and registration fees for properties in Jaffar Sarang street?

For a property valued at Rs 1,48,00,000, the stamp duty would be Rs 10,36,000, and the registration fee would be Rs 2,96,000, totaling Rs 13,32,000.

Where can I find the Sub Registrar Office for Jaffar Sarang street?

The Sub Registrar Office for Jaffar Sarang street is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.