Guideline Value for Jayalakshmi Garden 2nd Cross St (Ward-03)

Jayalakshmi Garden 2nd Cross St (Ward-03) guideline value

The current guideline value of Jayalakshmi Garden 2nd 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 2nd Cross St (Ward-03) has changed

Starting from the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure remained until the 2017 revision, where it decreased to Rs 1,340 per sq.ft, marking a decline of 33%. However, in the 2023 revision, the value increased significantly to Rs 2,000 per sq.ft, followed by another increase to Rs 2,200 per sq.ft in the 2024 revision, which is a 10% rise. The overall change from 2012 to 2024 shows a 10% increase.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. It is important to note that the register does not provide 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 guideline value for 2024, ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Jayalakshmi Garden 2nd Cross St (Ward-03) is above this median.

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

Stamp duty and registration fee for property in Jayalakshmi Garden 2nd 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 at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost 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 the stamp duty and registration fee calculator for more details on costs.

Which Sub Registrar Office covers Jayalakshmi Garden 2nd Cross St (Ward-03)?

The Sub Registrar Office that covers Jayalakshmi Garden 2nd 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal property transactions. Buyers should be aware that the charges are based on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Jayalakshmi Garden 2nd Cross St (Ward-03)?

The current guideline value of Jayalakshmi Garden 2nd 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 seen several changes, from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then back to Rs 2,000 per sq.ft in 2023, before reaching Rs 2,200 per sq.ft in 2024.

What is the land classification for Jayalakshmi Garden 2nd Cross St (Ward-03)?

The land classification for Jayalakshmi Garden 2nd Cross St (Ward-03) is Residential Class I Type - I, indicating its suitability for residential development.

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

For a 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. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Jayalakshmi Garden 2nd Cross St (Ward-03)?

The Madhavaram Sub Registrar Office handles property registrations for Jayalakshmi Garden 2nd Cross St (Ward-03), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.