Guideline Value for Jayalakshmi Nagar 2nd Main Road

Jayalakshmi Nagar 2nd Main Road guideline value

The current guideline value of Jayalakshmi Nagar 2nd 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 falls under the Residential Class III Type - II land classification.

How the guideline value of Jayalakshmi Nagar 2nd Main Road has changed

The guideline value for Jayalakshmi Nagar 2nd Main Road has seen several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 92 per sq.ft. This increased to Rs 300 per sq.ft in 2003, marking a significant change of +226%. The value continued to rise, reaching Rs 350 per sq.ft in 2007, which was an increase of +17%. A substantial jump occurred in 2012, when the guideline value rose to Rs 2,250 per sq.ft, reflecting an increase of +543%. However, in 2017, the value decreased to Rs 1,507 per sq.ft, a drop of -33%. The most recent revisions show an increase to Rs 2,250 per sq.ft in 2023, followed by the current value of Rs 2,500 per sq.ft in 2024, which is an increase of +11%.

Overall, from 2002 to 2024, the guideline value has increased by +2617%. There are no figures available for the revisions in the years not listed for this street.

Guideline values in Nerkundram

Nerkundram has a total of 476 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing the 2024 figure for Jayalakshmi Nagar 2nd Main Road above this median.

• Jayalakshmi Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 1st Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 3rd Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 1st Main Road: 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 2nd 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, charged at 7%, would be Rs 1,75,000, while the registration fee at 2% would be Rs 50,000. Together, the total cost for stamp duty and registration fee would be 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.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Jayalakshmi Nagar 2nd Main Road?

The Sub Registrar Office that covers Jayalakshmi Nagar 2nd 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 details.

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

The guideline value plays a crucial role in the registration of property transactions in Nerkundram. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation of the property.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. The guideline value helps maintain transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Jayalakshmi Nagar 2nd Main Road?

The current guideline value of Jayalakshmi Nagar 2nd 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 from Rs 92 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of +2617% over the years.

What is the land classification for Jayalakshmi Nagar 2nd Main Road?

Jayalakshmi Nagar 2nd Main Road falls under the Residential Class III Type - II land classification.

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

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which office handles property registrations for Jayalakshmi Nagar 2nd Main Road?

The Virugambakkam Sub Registrar Office handles property registrations for Jayalakshmi Nagar 2nd Main Road, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.