Guideline Value for Jaya Nagar 1st Cross Street

Jaya Nagar 1st Cross Street guideline value

The current guideline value of Jaya Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Jaya Nagar 1st Cross Street has changed

In the 2017 revision, the guideline value was set at Rs 1,340 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 has further raised the guideline value to Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Jaya Nagar 1st Cross Street's 2024 figure is below this median.

• Jaya Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Jaya Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Jaya Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Jaya Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Jaya Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Jaya Nagar 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jaya Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, totaling Rs 1,98,000. It is important to 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 Jaya Nagar 1st Cross Street?

The Jaya Nagar 1st Cross Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for additional information.

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

The guideline value is a crucial factor in property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

When registering a property, the stamp duty and registration fees are calculated 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 Jaya Nagar 1st Cross Street?

The current guideline value of Jaya Nagar 1st Cross Street 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 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 64%. The value increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024.

What are the other streets in Madipakkam-1 with the same guideline value?

Other streets in Madipakkam-1, such as Jaya Nagar 1st Street, Jaya Nagar 2nd Cross Street, Jaya Nagar 2nd Street, Jaya Nagar 3rd Street, Jaya Nagar 4th Street, and Jaya Nagar 5th Street, all have a guideline value of Rs 2,200 per sq.ft in 2024.

What fees are associated with buying property in Jaya Nagar 1st Cross Street?

When buying property in Jaya Nagar 1st Cross Street, buyers should be aware of the stamp duty at 7% and the registration fee at 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 1,98,000.

Where can I find the Sub Registrar Office for Jaya Nagar 1st Cross Street?

The Velacheri Sub Registrar Office covers Jaya Nagar 1st Cross Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles all registration activities for the area.