Guideline Value for Jai Balaji Nagar 2nd Street

Jai Balaji Nagar 2nd Street guideline value

The current guideline value of Jai Balaji Nagar 2nd Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village under the Madhavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Jai Balaji Nagar 2nd Street has changed

Since the 2012 revision, the guideline value has seen several changes. In 2012, the value was Rs 1,500 per sq.ft, which decreased to Rs 1,206 per sq.ft in 2017. Following this, there was a significant increase to Rs 1,800 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 1,900 per sq.ft. The changes between revisions include a 20% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 6% increase from 2023 to 2024.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 27%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,900 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing the 2024 guideline value of Jai Balaji Nagar 2nd Street below this median.

• Jai Balaji Nagar 1st Street: Rs 1,900 per sq.ft (2024)
• Jai Balaji Nagar 3rd Street: Rs 1,900 per sq.ft (2024)
• Jai Balaji Nagar 4th Street: Rs 1,900 per sq.ft (2024)
• Jai Balaji Nagar 5th Street: Rs 1,900 per sq.ft (2024)
• Jai Balaji Nagar Extension: Rs 1,900 per sq.ft (2024)
• Gramaniyar Thottam: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Jai Balaji Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, making the total fees together Rs 1,71,000. 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 Jai Balaji Nagar 2nd Street?

The Sub Registrar Office that covers Jai Balaji Nagar 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is essential during property transactions as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is crucial for buyers and sellers to be aware of the guideline value, as it ensures compliance with the legal requirements of property transactions in Selavoyal. This value helps in establishing a transparent and fair process during the registration of properties.

Frequently asked questions

What is the current guideline value of Jai Balaji Nagar 2nd Street?

The current guideline value of Jai Balaji Nagar 2nd Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024.

What is the land classification of Jai Balaji Nagar 2nd Street?

Jai Balaji Nagar 2nd Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for properties in Jai Balaji Nagar 2nd Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,71,000.

Which office handles the registration for Jai Balaji Nagar 2nd Street?

The registration for Jai Balaji Nagar 2nd Street is handled by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.