Guideline Value for Jayalakshmi Nagar 2nd Street

Jayalakshmi Nagar 2nd Street guideline value

The current guideline value of Jayalakshmi Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in the Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - III.

How the guideline value of Jayalakshmi Nagar 2nd Street has changed

The guideline value for Jayalakshmi Nagar 2nd Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, an increase from Rs 2,500 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the guideline value was Rs 1,675 per sq.ft, which means there was a significant increase of 49% from 2017 to 2023.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, which is the same as the current value for Jayalakshmi Nagar 2nd Street.

• Jayalakshmi Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Jayalakshmi Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Jayalakshmi Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Jayalakshmi Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Jayalakshmi Nagar /Pillaiyar Koil Street: Rs 2,750 per sq.ft (2024)
• Jayalakshmi Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Jayalakshmi Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total charges Rs 2,47,500. 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 details.

Which Sub Registrar Office covers Jayalakshmi Nagar 2nd Street?

The Sub Registrar Office that covers Jayalakshmi Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transfer of property ownership.

When a property is bought or sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable charges. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Jayalakshmi Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 64% over this period.

What is the land classification for Jayalakshmi Nagar 2nd Street?

Jayalakshmi Nagar 2nd Street is classified as Residential Class I Type - III.

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

For a property valued at Rs 27,50,000, the stamp duty is Rs 1,92,500 and the registration fee is Rs 55,000, totaling Rs 2,47,500.

Where can I find the Sub Registrar Office for Jayalakshmi Nagar 2nd Street?

The Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, covers Jayalakshmi Nagar 2nd Street.