Guideline Value for Jaganathapuram 7th Cross Street

Jaganathapuram 7th Cross Street guideline value

The current guideline value of Jaganathapuram 7th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Jaganathapuram 7th Cross Street has changed

The guideline value for Jaganathapuram 7th Cross Street has undergone several revisions over the years. In 2002, the guideline value was Rs 389 per sq.ft. It increased significantly to Rs 436 per sq.ft in 2003, marking a rise of 12%. The value continued to climb steeply, reaching Rs 1,800 per sq.ft in 2007, which represented a substantial increase of 313%. In 2012, the value was revised to Rs 4,000 per sq.ft, reflecting a growth of 122%. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, a drop of 33%. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, indicating an increase of 64% from 2017. Notably, there is no figure for this street in the 2023 revision.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is the same as the current value for Jaganathapuram 7th Cross Street.

• Jaganathapuram 6th Street: Rs 4,400 per sq.ft (2024)
• Jaganathapuram 7th Street: Rs 4,400 per sq.ft (2024)
• Jaganathapuram 6th Cross Street: Rs 4,400 per sq.ft (2024)
• Jaganathapuram 8th Cross Street: Rs 4,400 per sq.ft (2024)
• Jaganathapuram 5th Street: Rs 4,400 per sq.ft (2024)
• Jaganathapuram 8th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Jaganathapuram 7th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jaganathapuram 7th Cross Street?

The Sub Registrar Office that covers Jaganathapuram 7th Cross 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 details.

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

The guideline value is an essential factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When you buy or sell property, the guideline value helps in assessing the financial obligations related to the transaction. It is crucial for both buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Jaganathapuram 7th Cross Street?

The current guideline value of Jaganathapuram 7th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 389 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, which is an overall increase of 1,031% from the initial value.

What is the land classification for Jaganathapuram 7th Cross Street?

Jaganathapuram 7th Cross Street is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles the registration for Jaganathapuram 7th Cross Street?

The Velacheri Sub Registrar Office handles the registration for Jaganathapuram 7th Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.