Guideline Value for Jaya Nagar Extension Tharabarathi Street

Jaya Nagar Extension Tharabarathi Street guideline value

The current guideline value of Jaya Nagar Extension Tharabarathi 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, classified as Residential Class II Type - I.

How the guideline value of Jaya Nagar Extension Tharabarathi Street has changed

The guideline value for Jaya Nagar Extension Tharabarathi Street has undergone several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, an increase of 10% from the 2023 revision of Rs 2,000 per sq.ft. Prior to that, in 2017, the value was Rs 1,340 per sq.ft, marking a significant increase of 49% to the 2023 figure. The register has no figures for the years 2002, 2003, 2007, and 2012.

Overall, from 2017 to 2024, the guideline value has risen by 64%. This consistent increase reflects the changing landscape of property values in the area, with the latest figure being a notable jump from the previous years.

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 Extension Tharabarathi Street's 2024 guideline value is below this median.

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

Stamp duty and registration fee for property in Jaya Nagar Extension Tharabarathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jaya Nagar Extension Tharabarathi Street?

The Jaya Nagar Extension Tharabarathi Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and fairly, reflecting the official value set by the Registration Department. This process is essential for maintaining transparency and legality in property transactions.

Frequently asked questions

What is the current guideline value of Jaya Nagar Extension Tharabarathi Street?

The current guideline value of Jaya Nagar Extension Tharabarathi 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, marking an overall increase of 64%. The value was Rs 2,000 per sq.ft in 2023, showing a 10% increase in the latest revision.

What is the land classification for Jaya Nagar Extension Tharabarathi Street?

Jaya Nagar Extension Tharabarathi Street is classified as Residential Class II Type - I, indicating its residential use and development potential.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles registrations for properties in the area.

How is stamp duty calculated for properties in Jaya Nagar Extension Tharabarathi Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a guideline value of Rs 22,00,000, the stamp duty would be Rs 1,54,000.