Guideline Value for Jaganathan Street

Jaganathan Street guideline value

The current guideline value of Jaganathan Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Jaganathan Street has changed

In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 saw the guideline value rise to Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

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

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Jaganathan Street's 2024 figure below the median.

• Jacob Street: Rs 2,750 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)
• Jai Nagar: Rs 1,650 per sq.ft (2024)
• Iswarya Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jaganathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jaganathan Street?

The Sub Registrar Office that covers Jaganathan 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 crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Madipakkam-1, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with legal requirements during the registration process. Understanding the guideline value can help in making informed decisions regarding property transactions.

Frequently asked questions

What is the current guideline value of Jaganathan Street?

The current guideline value of Jaganathan Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024. This represents a total increase of 64% over the seven-year period.

What are the stamp duty and registration fees for properties on Jaganathan Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office is responsible for Jaganathan Street?

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

What is the land classification of Jaganathan Street?

Jaganathan Street is classified as Residential Class II Type - I, which indicates its zoning for residential purposes.