Guideline Value for James Street

James Street guideline value

The current guideline value of James Street in Madipakkam-1 village is Rs 2,750 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - III land classification in the Velacheri SRO.

How the guideline value of James Street has changed

Over the years, the guideline value of James Street has seen significant changes. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The latest revision in 2024 has further increased the guideline value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has risen by 64%.

It is important to note that there are no figures available for James Street for the years 2002, 2003, 2007, and 2012. The changes from the 2017 revision to the 2023 revision reflect a substantial increase of 49%, highlighting the evolving valuation of this street over time.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, and the guideline values for these streets range from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, which is equal to the current guideline value of James Street.

• James Cross Street: Rs 2,750 per sq.ft (2024)
• Jai Sakthi Nagar: Rs 1,650 per sq.ft (2024)
• Jai Nagar: Rs 1,650 per sq.ft (2024)
• Jaganathan Street: Rs 2,200 per sq.ft (2024)
• Jayalakshmi Nagar: Rs 2,750 per sq.ft (2024)
• Jayalakshmi Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in James Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers James Street?

The Sub Registrar Office that covers James Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is used as a benchmark for determining the minimum value of a property during registration. It helps in calculating the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of James Street?

The current guideline value of James Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the stamp duty and registration fees for property in James Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for James Street?

The Velacheri Sub Registrar Office handles registrations for James Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the range of guideline values for streets in Madipakkam-1?

The guideline values for streets in Madipakkam-1 range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft.