Guideline Value for Jayalakshmi Garden 1st Cross St (Ward-03)

Jayalakshmi Garden 1st Cross St (Ward-03) guideline value

The current guideline value of Jayalakshmi Garden 1st Cross St (Ward-03) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Jayalakshmi Garden 1st Cross St (Ward-03) has changed

The guideline value for Jayalakshmi Garden 1st Cross St has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,000 per sq.ft. This figure was then revised to Rs 1,340 per sq.ft in 2017, marking a decrease of 33%. In 2023, the value increased to Rs 2,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

From 2012 to 2024, the overall change in the guideline value is an increase of 10%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Jayalakshmi Garden 1st Cross St's 2024 guideline value of Rs 2,200 per sq.ft is above this median.

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

Stamp duty and registration fee for property in Jayalakshmi Garden 1st Cross St (Ward-03)

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 is charged at 7%, which totals Rs 1,54,000, and the registration fee at 2% amounts to Rs 44,000. Together, the total cost for duties would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Jayalakshmi Garden 1st Cross St (Ward-03)?

The Sub Registrar Office that covers Jayalakshmi Garden 1st Cross St (Ward-03) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process for property transactions in Madhavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost involved in the transaction. Ensuring compliance with these values helps in smooth processing during property registration.

Frequently asked questions

What is the current guideline value of Jayalakshmi Garden 1st Cross St (Ward-03)?

The current guideline value of Jayalakshmi Garden 1st Cross St (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 to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024. The overall change from 2012 to 2024 is an increase of 10%.

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

For a property valued at Rs 22,00,000, the stamp duty is Rs 1,54,000 and the registration fee is Rs 44,000, bringing the total to Rs 1,98,000. The duty is charged on the higher of the guideline value or the sale price.

Which office handles the registration for this street?

The Madhavaram Sub Registrar Office handles the registration for Jayalakshmi Garden 1st Cross St (Ward-03). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Jayalakshmi Garden 1st Cross St?

The land classification for Jayalakshmi Garden 1st Cross St (Ward-03) is Residential Class I Type - I.