Guideline Value for Jain Nagar Extension

Jain Nagar Extension guideline value

The current guideline value for Jain Nagar Extension in Hastinapuram village is Rs 2,970 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Jain Nagar Extension has changed

The guideline value for Jain Nagar Extension has seen several revisions over the years. In 2007, the value was Rs 525 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012. However, this was followed by a decrease to Rs 1,809 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 2,700 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,970 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 466%. The revisions for the years 2002 and 2003 have no figures available for this street in the register.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a guideline value for 2024, ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median guideline value is Rs 2,970 per sq.ft, which is the same as the value for Jain Nagar Extension.

• Jain Nagar 3rd Main Road: Rs 2,970 per sq.ft (2024)
• Jain Nagar 2nd Main Road: Rs 2,970 per sq.ft (2024)
• Jain Nagar 1st Main Road: Rs 2,970 per sq.ft (2024)
• Jain Nagar: Rs 2,970 per sq.ft (2024)
• Janakiraman Street: Rs 2,970 per sq.ft (2024)
• Janatha Nagar: Rs 2,920 per sq.ft (2024)

Stamp duty and registration fee for property in Jain Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total cost to Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Jain Nagar Extension?

The Jain Nagar Extension area is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Hastinapuram. It serves as a benchmark for determining the minimum value of a property, ensuring that the property is not sold for less than its assessed value. This helps in maintaining transparency and fairness in property dealings.

When you buy or sell property, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Jain Nagar Extension?

The current guideline value for Jain Nagar Extension is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, increasing from Rs 525 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024. The highest increase was between 2007 and 2012, where it rose by 414%.

What is the land classification for Jain Nagar Extension?

Jain Nagar Extension is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the registration office for Jain Nagar Extension?

The registration office for Jain Nagar Extension is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How are stamp duty and registration fees calculated in Jain Nagar Extension?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 29,70,000, leading to a total cost of Rs 2,67,300 for stamp duty and registration fees combined.