Guideline Value for Jayalakshmi Nagar 2nd Street

Jayalakshmi Nagar 2nd Street guideline value

The current guideline value of Jayalakshmi Nagar 2nd Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street 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 2nd Street has changed

The guideline value for Jayalakshmi Nagar 2nd Street has undergone several revisions over the years. In 2007, the value was Rs 350 per sq.ft, which increased significantly to Rs 2,250 per sq.ft in 2012. However, it decreased to Rs 1,507 per sq.ft in 2017 before rising again to Rs 2,250 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 2,500 per sq.ft.

From 2023 to 2024, there was an increase of 11%. The value rose by 49% from 2017 to 2023. The 2012 to 2017 period saw a decrease of 33%, while the jump from 2007 to 2012 was a remarkable 543%. Overall, from 2007 to 2024, the guideline value has increased by 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 that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,600 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Jayalakshmi Nagar 2nd Street is above this median.

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

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, bringing the total to Rs 2,25,000. Duty is charged on the guideline value or the sale price, whichever is higher. 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 covering Jayalakshmi Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nerkundram. It is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the higher of the guideline value or the sale price is considered for calculating the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

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 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 350 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, with several revisions in between, including a decrease in 2017 and increases in subsequent years.

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

The stamp duty is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft property, the total fees would amount to Rs 2,25,000.

Which office handles property registrations for Jayalakshmi Nagar 2nd Street?

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

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

Jayalakshmi Nagar 2nd Street is classified as Residential Class III Type - II, indicating its suitability for residential development.