Guideline Value for Jaya Nagar Extension

Jaya Nagar Extension guideline value

The current guideline value of Jaya Nagar Extension in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Jaya Nagar Extension has changed

The guideline value for Jaya Nagar Extension has undergone several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent 2024 revision has further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has risen by 64%. It is important to note that the register has no figure 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, with the 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Jaya Nagar Extension's 2024 figure below this median.

• Jaya Nagar Extension Tharabarathi Street: 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

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 to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jaya Nagar Extension?

The Jaya Nagar Extension 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 more information.

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

The guideline value plays a crucial role when buying or selling property in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that the guideline value may differ from the actual sale price.

When registering a property, the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Jaya Nagar Extension?

The current guideline value of Jaya Nagar Extension is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2017 to 2024?

From the 2017 revision to the 2024 revision, the guideline value has increased by 64%, rising from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft.

What is the stamp duty rate for properties in Jaya Nagar Extension?

The stamp duty rate for properties in Jaya Nagar Extension is 7% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Jaya Nagar Extension?

Jaya Nagar Extension is classified as Residential Class II Type - I, which indicates its suitability for residential development.