Guideline Value for Jayalakshmi Nagar 3rd Street

Jayalakshmi Nagar 3rd Street guideline value

The current guideline value of Jayalakshmi Nagar 3rd 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 falls under the Residential Class III Type - II land classification.

How the guideline value of Jayalakshmi Nagar 3rd Street has changed

The guideline value for Jayalakshmi Nagar 3rd Street has seen significant changes over the years. In the 2007 revision, the value was Rs 350 per sq.ft, which increased dramatically to Rs 2,250 per sq.ft in the 2012 revision. However, it then decreased to Rs 1,507 per sq.ft in the 2017 revision. The value rose to Rs 2,250 per sq.ft in the 2023 revision before reaching the current value of Rs 2,500 per sq.ft in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 11%. The overall increase from the 2007 revision to the 2024 revision is 614%, showcasing a substantial rise over the years.

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. The median guideline value in this area is Rs 2,200 per sq.ft, placing Jayalakshmi Nagar 3rd Street above this median.

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

Stamp duty and registration fee for property in Jayalakshmi Nagar 3rd 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, 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 the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Jayalakshmi Nagar 3rd Street?

The Sub Registrar Office that covers Jayalakshmi Nagar 3rd 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 more information.

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

When buying or selling property in Nerkundram, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value serves as a benchmark for the minimum value at which property transactions are registered, ensuring that the government receives appropriate revenue from property sales.

It is essential for buyers and sellers to be aware of the current guideline value, as it can affect the overall cost of the transaction. Accurate knowledge of the guideline value helps in making informed decisions during property dealings in the area.

Frequently asked questions

What is the current guideline value of Jayalakshmi Nagar 3rd Street?

The current guideline value of Jayalakshmi Nagar 3rd Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 350 per sq.ft to Rs 2,500 per sq.ft in 2024, marking an overall increase of 614%.

What is the median guideline value in Nerkundram?

The median guideline value in Nerkundram is Rs 2,200 per sq.ft, with Jayalakshmi Nagar 3rd Street's value being above this median.

What are the stamp duty and registration fees for property in Jayalakshmi Nagar 3rd Street?

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

Which office handles registrations for Jayalakshmi Nagar 3rd Street?

The Virugambakkam Sub Registrar Office handles registrations for Jayalakshmi Nagar 3rd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.