Guideline Value for Jai Sakthi Nagar

Jai Sakthi Nagar guideline value

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

How the guideline value of Jai Sakthi Nagar has changed

The guideline value for Jai Sakthi Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2023 revision. The latest revision in 2024 raised the value further to Rs 1,650 per sq.ft. There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, there was a significant increase of 49%, and from 2023 to 2024, the guideline value rose by 10%. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, making the 2024 figure for Jai Sakthi Nagar below that median.

• James Cross Street: Rs 2,750 per sq.ft (2024)
• James Street: Rs 2,750 per sq.ft (2024)
• Jai Nagar: Rs 1,650 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 Sakthi Nagar

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

Which Sub Registrar Office covers Jai Sakthi Nagar?

The Sub Registrar Office that covers Jai Sakthi Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the legal value of the property. It is essential for ensuring compliance with local regulations and for calculating the necessary fees associated with the transaction.

Frequently asked questions

What is the current guideline value of Jai Sakthi Nagar?

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

How much has the guideline value changed in recent years?

Since the 2017 revision, the guideline value has increased from Rs 1,005 per sq.ft to Rs 1,650 per sq.ft in 2024, marking an overall increase of 64%.

What are the other streets in Madipakkam-1 and their guideline values?

Other streets in Madipakkam-1 include James Cross Street and James Street at Rs 2,750 per sq.ft, Jai Nagar and I.T.C. Nagar at Rs 1,650 per sq.ft, Jaganathan Street at Rs 2,200 per sq.ft, and Jacob Street at Rs 2,750 per sq.ft.

What are the stamp duty and registration fees for property transactions?

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

Where can I find the Sub Registrar Office for Jai Sakthi Nagar?

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