Guideline Value for Jaipur Colony

Jaipur Colony guideline value

The current guideline value of Jaipur Colony, located in Mylapore Part 1 village under the Chennai Central Joint I SRO, is Rs 15,400 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Special Type - II.

How the guideline value of Jaipur Colony has changed

The guideline value for Jaipur Colony has undergone several revisions over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 14,000 per sq.ft, which was then increased by 10% in the 2024 revision to Rs 15,400 per sq.ft.

This increase from the 2023 to the 2024 revision reflects a significant adjustment in the guideline value. The current rate of Rs 15,400 per sq.ft is now positioned above the median guideline value of Rs 8,800 per sq.ft for the 333 streets in Mylapore Part 1 under the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 1

In Mylapore Part 1, the guideline values vary significantly, with figures ranging from Rs 4,400 to Rs 25,300 per sq.ft in the 2024 revision. The guideline value for Jaipur Colony is notably above the median of Rs 8,800 per sq.ft. Below are the guideline values for other streets in Mylapore Part 1:

• Jaganatha Thottam: Rs 7,700 per sq.ft (2024)
• Jayammal Street: Rs 11,000 per sq.ft (2024)
• J.J.Road: Rs 14,300 per sq.ft (2024)
• H.D.Raja Street: Rs 8,700 per sq.ft (2024)
• Gowdia Mutt Road: Rs 13,200 per sq.ft (2024)
• Gowdia Mutt Lane: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jaipur Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 15,400 per sq.ft, the total guideline value would be Rs 1,54,00,000. The stamp duty, charged at 7%, amounts to Rs 10,78,000, while the registration fee at 2% is Rs 3,08,000. Together, the total cost for stamp duty and registration fee would be Rs 13,86,000. Note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Jaipur Colony?

The Jaipur Colony falls under the jurisdiction of the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor in property transactions in Mylapore Part 1. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Jaipur Colony?

The current guideline value of Jaipur Colony is Rs 15,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 14,000 per sq.ft in 2023 to Rs 15,400 per sq.ft in 2024, reflecting a 10% increase. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Jaipur Colony?

Jaipur Colony is classified as Commercial Special Type - II. This classification can influence the guideline value and property usage in the area.

What are the registration fees for property in Jaipur Colony?

The registration fees for property transactions are calculated based on the guideline value. For example, the total registration fees for a 1,000 sq.ft plot at the current guideline value is Rs 13,86,000, which includes stamp duty and registration fees.

Which Sub Registrar Office covers Jaipur Colony?

The Sub Registrar Office that covers Jaipur Colony is the Chennai Central Joint I SRO, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.