Guideline Value for Jai Nagar

Jai Nagar guideline value

The current guideline value of Jai Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Jai Nagar has changed

In the 2017 revision, the guideline value for Jai Nagar was Rs 1,005 per sq.ft. It increased to Rs 1,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 has set the guideline value at Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has seen a total increase of 64%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, placing Jai Nagar's current figure below this median.

• Jai Sakthi Nagar: Rs 1,650 per sq.ft (2024)
• James Cross Street: Rs 2,750 per sq.ft (2024)
• James Street: Rs 2,750 per sq.ft (2024)
• Jaganathan Street: Rs 2,200 per sq.ft (2024)
• Jacob Street: Rs 2,750 per sq.ft (2024)
• I.T.C. Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Jai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Jai Nagar?

The Sub Registrar Office covering Jai Nagar 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 more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is essential for property transactions in Madipakkam-1 as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees applicable during the sale or purchase of property.

When buying or selling property, it is crucial to be aware of the guideline value, as it affects the overall cost of the transaction. Buyers and sellers should ensure they are informed about the current rates to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Jai Nagar?

The current guideline value of Jai Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, showing a total increase of 64% over this period.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, with Jai Nagar's current value being below this median.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, for a property valued at Rs 16,50,000, the total stamp duty and registration fees would be Rs 1,48,500.