Guideline Value for Jay Nagar

Jay Nagar guideline value

The current guideline value of Jay Nagar, located in Noombal village under the Kunrathur SRO, is Rs 1,760 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Jay Nagar has changed

The guideline value for Jay Nagar has seen significant changes over the years. In 2003, the guideline value was Rs 104 per sq.ft, which increased to Rs 1,072 per sq.ft in 2017, marking a substantial rise of 931%. The next revision in 2023 set the value at Rs 1,600 per sq.ft, reflecting a 49% increase from the previous figure. The most recent revision in 2024 raised the guideline value to Rs 1,760 per sq.ft, a 10% increase from 2023.

It is important to note that there are no figures available for the years 2002, 2007, and 2012 for this street.

Guideline values in Noombal

Noombal village has a total of 164 streets under the Kunrathur SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,090 per sq.ft, making the guideline value of Jay Nagar below this median.

• Jayalakshmi Nagar: Rs 1,760 per sq.ft (2024)
• Jai Nagar: Rs 1,760 per sq.ft (2024)
• India Cement Paniyalar Kudiyiruppu: Rs 2,860 per sq.ft (2024)
• India Cement Colony: Rs 2,860 per sq.ft (2024)
• Harihand Amara: Rs 2,090 per sq.ft (2024)
• Kamatchi Nagar: Rs 1,760 per sq.ft (2024)

Stamp duty and registration fee for property in Jay Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value amounts to Rs 17,60,000. The stamp duty at 7% would be Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, bringing the total fees to Rs 1,58,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator to estimate your costs.

Which Sub Registrar Office covers Jay Nagar?

The Sub Registrar Office that covers Jay Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value is an essential factor in property transactions in Noombal, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is crucial to ensure that the sale price reflects the guideline value to avoid any discrepancies during the registration process. This ensures compliance with local regulations and helps in the smooth transfer of property ownership.

Frequently asked questions

What is the current guideline value of Jay Nagar?

The current guideline value of Jay Nagar is Rs 1,760 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 104 per sq.ft in 2003 to Rs 1,760 per sq.ft in 2024, representing an overall increase of 1592% over the years.

What are the stamp duty rates for property in Jay Nagar?

The stamp duty rate for property in Jay Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Jay Nagar located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

What are the guideline values of other streets in Noombal?

Other streets in Noombal have varying guideline values, with rates ranging from Rs 1,100 to Rs 6,500 per sq.ft. For example, India Cement Paniyalar Kudiyiruppu and India Cement Colony both have a guideline value of Rs 2,860 per sq.ft.