Guideline Value for Jayalakshmi Garden (Ward-03)

Jayalakshmi Garden (Ward-03) guideline value

The current guideline value of Jayalakshmi Garden (Ward-03) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, and it is classified as Residential Class I Type - I.

How the guideline value of Jayalakshmi Garden (Ward-03) has changed

Over the years, the guideline value for Jayalakshmi Garden (Ward-03) has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 2,000 per sq.ft. The latest revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as per the 2024 revision. The median guideline value in this area is Rs 1,600 per sq.ft, placing the 2024 figure for Jayalakshmi Garden (Ward-03) above this median.

• Jayalakshmi Garden Rd (Ward No.1): Rs 2,200 per sq.ft (2024)
• Jayalakshmi Garden 4th Cross St (Ward-03): Rs 2,200 per sq.ft (2024)
• Jayalakshmi Garden 3rd st (Ward No.3): Rs 2,200 per sq.ft (2024)
• Jayalakshmi Garden 3rd Cross Street (Ward-03): Rs 2,200 per sq.ft (2024)
• Jayalakshmi Garden 2nd st (Ward No.3): Rs 2,200 per sq.ft (2024)
• Jayalakshmi Garden 2nd Cross St (Ward-03): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jayalakshmi Garden (Ward-03)

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. Together, the total cost for these fees would be 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.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Jayalakshmi Garden (Ward-03)?

The Sub Registrar Office that covers Jayalakshmi Garden (Ward-03) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

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

When a property is registered, the guideline value is assessed to ensure that the correct fees are levied based on either the guideline value or the sale price, whichever is higher. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Jayalakshmi Garden (Ward-03)?

The current guideline value of Jayalakshmi Garden (Ward-03) 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Jayalakshmi Garden (Ward-03)?

Jayalakshmi Garden (Ward-03) is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where can I find the Sub Registrar Office for Jayalakshmi Garden (Ward-03)?

The Madhavaram Sub Registrar Office, which covers Jayalakshmi Garden (Ward-03), is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.