Guideline Value for Jayalakshmi Nagar 1st Street

Jayalakshmi Nagar 1st Street guideline value

The current guideline value of Jayalakshmi Nagar 1st Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Jayalakshmi Nagar 1st Street has changed

The guideline value for Jayalakshmi Nagar 1st Street has seen several revisions over the years. The earliest recorded revision in 2007 set the value at Rs 350 per sq.ft, which then increased significantly to Rs 2,250 per sq.ft in 2012. However, the value dropped to Rs 1,507 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 2,250 per sq.ft, and the latest revision in 2024 has set it at Rs 2,500 per sq.ft.

From 2017 to 2023, there was a substantial increase of 49%, followed by an increase of 11% from 2023 to 2024. The overall change from the 2007 revision to the 2024 revision reflects an increase of 614%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft as of 2024. The median guideline value in this area is Rs 2,200 per sq.ft, making the current value of Jayalakshmi Nagar 1st Street above this median.

• Jayalakshmi Nagar 1st Main Road: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, while the registration fee at 2% would be Rs 50,000, bringing the total cost for these fees to Rs 2,25,000. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Jayalakshmi Nagar 1st Street?

The Sub Registrar Office covering Jayalakshmi Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum price at which a property can be registered. This value is used to calculate stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

When a property is sold, the guideline value helps in assessing the fair value of the property for taxation purposes. Buyers and sellers must be aware of this value to avoid potential legal issues during the registration process.

Frequently asked questions

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

The current guideline value of Jayalakshmi Nagar 1st Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 350 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, representing an overall increase of 614%.

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

For a property valued at Rs 25,00,000, the stamp duty is calculated at 7%, which amounts to Rs 1,75,000, and the registration fee at 2% amounts to Rs 50,000, totaling Rs 2,25,000.

Which Sub Registrar Office is responsible for Jayalakshmi Nagar 1st Street?

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

How is the guideline value used in property transactions?

The guideline value is used as a benchmark for determining the minimum registration price of a property and is essential for calculating stamp duty and registration fees during property transactions.