Guideline Value for Jai Nagar 5th Street

Jai Nagar 5th Street guideline value

The current guideline value of Jai Nagar 5th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Jai Nagar 5th Street has changed

The guideline value for Jai Nagar 5th Street has undergone several revisions over the years. In 2002, the guideline value was Rs 429 per sq.ft, which increased to Rs 467 per sq.ft in 2003, marking a 9% change. The value saw a significant rise to Rs 650 per sq.ft in 2007, reflecting a 39% increase. By 2012, the value remained unchanged at Rs 3,500 per sq.ft, and this figure persisted until 2023.

The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, representing a 10% increase from the previous year’s rate of Rs 3,500 per sq.ft. It is important to note that the register has no figure for this street for the year 2017.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with the 2024 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 is the same as the current guideline value for Jai Nagar 5th Street.

• Jai Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 7th Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 8th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Jai Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be 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 guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Jai Nagar 5th Street?

The Sub Registrar Office that covers Jai Nagar 5th 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 information.

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

The guideline value is a crucial reference point when buying or selling property in Valasaravakkam. It determines the minimum value at which a property can be registered, ensuring transparency and fairness in property transactions.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Jai Nagar 5th Street?

The current guideline value of Jai Nagar 5th 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 changed from Rs 429 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting a total increase of 797% over the years.

What is the land classification for Jai Nagar 5th Street?

The land classification for Jai Nagar 5th Street is Residential Class II Type - I.

Where is the Sub Registrar Office for Jai Nagar 5th Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Jai Nagar 5th Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.