Guideline Value for Jaya Prakash Narayanan Street (JPT)

Jaya Prakash Narayanan Street (JPT) guideline value

The current guideline value of Jaya Prakash Narayanan Street (JPT) is Rs 4,100 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Jaya Prakash Narayanan Street (JPT) has changed

Over the years, the guideline value of Jaya Prakash Narayanan Street (JPT) has seen significant changes. The earliest recorded revision was in 2007, with a guideline value of Rs 1,210 per sq.ft. This figure increased to Rs 3,750 per sq.ft in the 2012 revision, marking a substantial rise of 210%. However, the value then dropped to Rs 2,512 per sq.ft in 2017, reflecting a decrease of 33%. The 2023 revision recorded a value of Rs 3,750 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 4,100 per sq.ft, an increase of 9% from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been a remarkable increase of 239%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

Kodambakkam village features a total of 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Jaya Prakash Narayanan Street's 2024 figure below this median.

• Jayaraman Street (W.M): Rs 5,500 per sq.ft (2024)
• Jayaram Pillai Street (JPT): Rs 4,100 per sq.ft (2024)
• Jeevanandam Salai Ch-78: Rs 6,000 per sq.ft (2024)
• Jeevanandam Salai (Sivalingapuram): Rs 6,000 per sq.ft (2024)
• Jeevanandam Street S.No. 55 & 394/2: Rs 3,300 per sq.ft (2024)
• Jeevanandham (Cross) Street (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Jaya Prakash Narayanan Street (JPT)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,100 per sq.ft, the total guideline value amounts to Rs 41,00,000. The stamp duty at 7% would be Rs 2,87,000, and the registration fee at 2% would be Rs 82,000, making the total cost for these fees Rs 3,69,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jaya Prakash Narayanan Street (JPT)?

The Sub Registrar Office that covers Jaya Prakash Narayanan Street (JPT) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the government receives appropriate revenue from property transactions through stamp duty and registration fees.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This means that understanding the guideline value is essential for both buyers and sellers to accurately calculate the costs associated with property transactions.

Frequently asked questions

What is the current guideline value of Jaya Prakash Narayanan Street (JPT)?

The current guideline value of Jaya Prakash Narayanan Street (JPT) is Rs 4,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,210 per sq.ft in 2007 to Rs 4,100 per sq.ft in 2024. There have been various revisions, with notable increases and decreases at different intervals.

What is the land classification for Jaya Prakash Narayanan Street (JPT)?

Jaya Prakash Narayanan Street (JPT) is classified as Residential Class IV Type - I. This classification indicates the type of development permissible in the area.

What are the stamp duty rates applicable for properties in Jaya Prakash Narayanan Street (JPT)?

The stamp duty rate applicable for properties in Jaya Prakash Narayanan Street (JPT) is 7%. This rate is applied to the higher of the guideline value or the sale price during registration.

Where can I find the Sub Registrar Office for Jaya Prakash Narayanan Street (JPT)?

The Sub Registrar Office covering Jaya Prakash Narayanan Street (JPT) is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more details through the relevant links.