Guideline Value for Jagannathpuram 1st Street

Jagannathpuram 1st Street guideline value

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

How the guideline value of Jagannathpuram 1st Street has changed

Over the years, the guideline value of Jagannathpuram 1st Street has seen several revisions. The 2012 revision set the value at Rs 4,000 per sq.ft, which changed to Rs 2,680 per sq.ft in 2017, reflecting a decrease of 33%. The 2023 revision then increased the value to Rs 4,000 per sq.ft, followed by a further increase to Rs 4,400 per sq.ft in 2024, marking a 10% rise from the previous year.

In total, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 value for these streets is Rs 4,400 per sq.ft, which is equal to the current value of Jagannathpuram 1st Street.

• Jagannathpuram 2nd Street: Rs 4,400 per sq.ft (2024)
• Jagannathpuram 3rd Street: Rs 4,400 per sq.ft (2024)
• Jagannathpuram 4th Street: Rs 4,400 per sq.ft (2024)
• Jaganathapuram 9th Street: Rs 4,400 per sq.ft (2024)
• Jaganathapuram 9th Cross 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 Jagannathpuram 1st 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 to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Jagannathpuram 1st Street?

The Sub Registrar Office that covers Jagannathpuram 1st 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 further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is considered to ensure that the transaction is registered at a value that reflects the current market standards. This helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Jagannathpuram 1st Street?

The current guideline value of Jagannathpuram 1st 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 changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then back to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification of Jagannathpuram 1st Street?

Jagannathpuram 1st Street is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Jagannathpuram 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Velachery?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.