Guideline Value for Jayalakshmi Nagar 1st Main Road

Jayalakshmi Nagar 1st Main Road guideline value

The current guideline value of Jayalakshmi Nagar 1st Main Road is Rs 2,500 per sq.ft, effective from 1 July 2024. This road is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of Jayalakshmi Nagar 1st Main Road has changed

The guideline value for Jayalakshmi Nagar 1st Main Road has undergone several revisions over the years. In 2002, the guideline value was Rs 92 per sq.ft. This increased to Rs 300 per sq.ft in 2003, marking a significant rise of 226%. The value then saw a modest increase to Rs 350 per sq.ft in 2007, a change of 17%. A substantial jump occurred in 2012, where the value rose to Rs 2,250 per sq.ft, reflecting an increase of 543%. However, this value decreased to Rs 1,507 per sq.ft in 2017, a decline of 33%. The guideline value then increased to Rs 2,250 per sq.ft in 2023, representing a rise of 49%. The latest revision in 2024 set the guideline value at Rs 2,500 per sq.ft, an increase of 11% from the previous year.

There are no figures available for the revisions in years not listed. Overall, from 2002 to 2024, the guideline value has increased by 2,617%.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Jayalakshmi Nagar 1st Main Road above this median.

• Jayalakshmi Nagar 1st Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 2nd Main Road: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 3rd Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 4th Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar Extn.: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Jayalakshmi Nagar 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, making the total fees Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jayalakshmi Nagar 1st Main Road?

The Sub Registrar Office that covers Jayalakshmi Nagar 1st Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Jayalakshmi Nagar 1st Main Road?

The current guideline value of Jayalakshmi Nagar 1st Main Road is Rs 2,500 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 92 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 2,617% over the years.

What is the stamp duty rate for properties in Jayalakshmi Nagar 1st Main Road?

The stamp duty rate for properties in Jayalakshmi Nagar 1st Main Road is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Jayalakshmi Nagar 1st Main Road?

The Sub Registrar Office for Jayalakshmi Nagar 1st Main Road is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value for streets in Nerkundram?

The median guideline value for streets in Nerkundram is Rs 2,200 per sq.ft, with Jayalakshmi Nagar 1st Main Road's value being above this median at Rs 2,500 per sq.ft.