Guideline Value for Jayalakshmi Nagar 4th Street

Jayalakshmi Nagar 4th Street guideline value

The current guideline value for Jayalakshmi Nagar 4th 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 Residential Class III Type - II land classification.

How the guideline value of Jayalakshmi Nagar 4th Street has changed

The guideline value for Jayalakshmi Nagar 4th 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 2012, marking an increase of 543%. However, from 2012 to 2017, the value decreased to Rs 1,507 per sq.ft, a drop of 33%. The subsequent revision in 2023 saw an increase to Rs 2,250 per sq.ft, followed by the current value of Rs 2,500 per sq.ft from 2024, reflecting an 11% increase.

Between the 2017 and 2023 revisions, the value rose by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 614%. The register does not have 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. The median guideline value in this area is Rs 2,200 per sq.ft, placing Jayalakshmi Nagar 4th Street's 2024 figure above that median.

• Jayalakshmi Nagar 3rd Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar Extn.: Rs 2,500 per sq.ft (2024)
• Jayalakshmi Nagar 2nd Main Road: 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 4th Street

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the 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 information.

Which Sub Registrar Office covers Jayalakshmi Nagar 4th Street?

The Sub Registrar Office covering Jayalakshmi Nagar 4th 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 details.

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

The guideline value is a crucial factor in the registration process for property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these charges are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Jayalakshmi Nagar 4th Street?

The current guideline value for Jayalakshmi Nagar 4th 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 increased from Rs 350 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, showing a total increase of 614% over this period.

What is the land classification for Jayalakshmi Nagar 4th Street?

Jayalakshmi Nagar 4th Street is classified as Residential Class III Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Jayalakshmi Nagar 4th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Jayalakshmi Nagar 4th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at Rs 2,500 per sq.ft would incur a total stamp duty and registration fee of Rs 2,25,000.