Guideline Value for Jai Nagar 6th Street

Jai Nagar 6th Street guideline value

The current guideline value of Jai Nagar 6th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Jai Nagar 6th Street has changed

The guideline value for Jai Nagar 6th Street has seen significant changes over the years. In 2002, the value was Rs 429 per sq.ft, which increased to Rs 467 per sq.ft in 2003, marking a change of +9%. The value continued to rise to Rs 650 per sq.ft in 2007, reflecting a +39% increase. A substantial jump occurred between 2007 and 2012, where the value escalated to Rs 3,500 per sq.ft, showing a remarkable +438% increase. The guideline value remained unchanged at Rs 3,500 per sq.ft from 2012 until 2023.

In 2023, the guideline value was revised to Rs 3,500 per sq.ft, and then increased by +10% in 2024 to the current value of Rs 3,850 per sq.ft. It is important to note that there is no figure available for the year 2017 in the register for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is equal to the current guideline value of Jai Nagar 6th Street.

• Jai Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 7th Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 8th Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Jai Nagar 9th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Jai Nagar 6th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the 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 duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jai Nagar 6th Street?

The Sub Registrar Office that covers Jai Nagar 6th 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 factor when buying or selling property in Valasaravakkam. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers and sellers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating the applicable fees.

Understanding the guideline value helps ensure compliance with local regulations during property transactions. It is advisable for buyers and sellers to check the latest guideline values before proceeding with any transactions to avoid any discrepancies.

Frequently asked questions

What is the current guideline value of Jai Nagar 6th Street?

The current guideline value of Jai Nagar 6th 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 an overall increase of +797% over the years.

Where can I find the registration office for Jai Nagar 6th Street?

The registration office for Jai Nagar 6th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the stamp duty rates for properties in Jai Nagar 6th Street?

The stamp duty rate for properties in Jai Nagar 6th Street is 7% of the guideline value or the sale price, whichever is higher.

What is the land classification for Jai Nagar 6th Street?

Jai Nagar 6th Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.