Guideline Value for Jal Naicken Street

Jal Naicken Street guideline value

The current guideline value of Jal Naicken Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO, with a land classification of Residential Class II Type - II.

How the guideline value of Jal Naicken Street has changed

Over the years, the guideline value of Jal Naicken Street has seen significant changes. In the 2002 revision, the value was Rs 390 per sq.ft, which increased to Rs 488 per sq.ft in 2003, marking a 25% rise. The value continued to rise to Rs 750 per sq.ft in 2007, an increase of 54%. By 2012, the value reached Rs 3,000 per sq.ft, reflecting a substantial increase of 300%. However, it then decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase.

The overall change from 2002 to 2024 shows an increase of 746%, highlighting the fluctuations in the guideline value over the years.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, indicating that Jal Naicken Street's 2024 figure is below this median.

• James Street: Rs 3,300 per sq.ft (2024)
• Jessli Apartments: Rs 3,300 per sq.ft (2024)
• Indhra Nagar Street: Rs 2,750 per sq.ft (2024)
• Indhra Nagar: Rs 2,750 per sq.ft (2024)
• Jilani Sayabu Street: Rs 2,750 per sq.ft (2024)
• Ibrahim Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Jal Naicken Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jal Naicken Street?

The Sub Registrar Office that covers Jal Naicken Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

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

Frequently asked questions

What is the current guideline value of Jal Naicken Street?

The current guideline value of Jal Naicken Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 390 per sq.ft in 2002 and reaching Rs 3,300 per sq.ft in 2024, which is an overall increase of 746%.

What is the median guideline value for streets in Parangimalai?

The median guideline value for streets in Parangimalai is Rs 3,850 per sq.ft, which means that Jal Naicken Street's 2024 figure is below this median.

What are the stamp duty and registration fees for properties in Jal Naicken Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 2,97,000.

Which office handles the registration for Jal Naicken Street?

The registration for Jal Naicken Street is handled by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.