Guideline Value for Jamal Nilayam

Jamal Nilayam guideline value

The current guideline value of Jamal Nilayam is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Erukancherry village, under the Madhavaram SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Jamal Nilayam has changed

Over the years, the guideline value of Jamal Nilayam has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was a decrease of 33% from the Rs 1,340 per sq.ft recorded in the 2017 revision. The next revision in 2023 raised the value to Rs 2,000 per sq.ft, and the current 2024 revision has increased it to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

In summary, from 2012 to 2024, the overall change in guideline value is an increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, making the 2024 figure for Jamal Nilayam below that median.

• Jawahar Street: Rs 2,200 per sq.ft (2024)
• Jayaparanjothi Lane: Rs 2,500 per sq.ft (2024)
• Jayaparanjothi Street: Rs 2,500 per sq.ft (2024)
• Jayaparanjothi Street (Kennedy Nagar): Rs 2,500 per sq.ft (2024)
• Indra Nagar (West) Lane: Rs 2,500 per sq.ft (2024)
• Indra Nagar (West): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Jamal Nilayam

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. 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 on fees.

Which Sub Registrar Office covers Jamal Nilayam?

The Sub Registrar Office that covers Jamal Nilayam is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Erukancherry, 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, which are necessary for the legal transfer of property ownership.

When engaging in a property transaction, it is essential to be aware of the guideline value to ensure compliance with local regulations and to avoid any potential legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Jamal Nilayam?

The current guideline value of Jamal Nilayam is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024. There have been several revisions, including a significant increase of 49% from 2017 to 2023.

What are the guideline values for other streets in Erukancherry?

Other streets in Erukancherry have varying guideline values, with rates ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft.

What fees are associated with buying property in Jamal Nilayam?

When buying property in Jamal Nilayam, you will incur stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur total fees of Rs 1,98,000.

Where can I find the Sub Registrar Office for Jamal Nilayam?

The Madhavaram Sub Registrar Office covers Jamal Nilayam and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information through the provided link.