Guideline Value for Jai Nagar 1st Street

Jai Nagar 1st Street guideline value

The current guideline value of Jai Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Jai Nagar 1st Street has changed

Since the year 2002, the guideline value for Jai Nagar 1st Street has seen significant changes. In 2002, the value was Rs 429 per sq.ft, which increased to Rs 467 per sq.ft in 2003, marking a 9% rise. The value then rose to Rs 650 per sq.ft in 2007, reflecting a 39% increase. By 2012, the value remained at Rs 3,500 per sq.ft, showing no change from the previous revision. The 2023 revision set the value at Rs 3,500 per sq.ft, and the 2024 revision increased it to Rs 3,850 per sq.ft, a 10% increase.

Notably, there is no figure available for the 2017 revision for Jai Nagar 1st Street. Overall, from 2002 to 2024, the guideline value has increased by 797%, demonstrating a substantial rise over the years.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, which matches the current guideline value of Jai Nagar 1st Street.

• Jai Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 10th Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 6th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Jai Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. 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 Jai Nagar 1st Street?

The Sub Registrar Office that covers Jai Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to ensure that the transaction is recorded at a fair value. This helps in maintaining transparency in property transactions and ensures that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Jai Nagar 1st Street?

The current guideline value of Jai Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 429 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 797% over the years.

What are the stamp duty and registration fees for properties in Jai Nagar 1st Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers Jai Nagar 1st Street?

The Virugambakkam Sub Registrar Office covers Jai Nagar 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Jai Nagar 1st Street?

The land classification for Jai Nagar 1st Street is Residential Class II Type - I, indicating its suitability for residential development.