Guideline Value for Jayalakshmi Nagar

Jayalakshmi Nagar guideline value

The current guideline value of Jayalakshmi Nagar is Rs 2,160 per sq.ft, effective from 1 July 2024. This locality is part of Kilkattalai village, under the Pallavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Jayalakshmi Nagar has changed

The guideline value for Jayalakshmi Nagar has seen several revisions over the years. In 2003, the guideline value was Rs 164 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2007. Following that, it rose dramatically by 300% to reach Rs 2,000 per sq.ft in 2012. However, there was a decrease of 33% in 2017, bringing the value down to Rs 1,340 per sq.ft. The subsequent revision in 2023 saw an increase of 49%, setting the value at Rs 2,000 per sq.ft, before the latest revision in 2024 raised it to Rs 2,160 per sq.ft, marking an 8% increase.

It is important to note that the register has no figure for Jayalakshmi Nagar in 2002. Overall, from 2003 to 2024, the guideline value has increased by 1217%.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,530 per sq.ft, placing Jayalakshmi Nagar's 2024 figure below that median.

• Iyappan Koil Street: Rs 2,750 per sq.ft (2024)
• Iyappa Nagar: Rs 2,750 per sq.ft (2024)
• Jeya Nagar: Rs 2,200 per sq.ft (2024)
• Indian Colony (Sai Street): Rs 2,200 per sq.ft (2024)
• Indian Colony: Rs 2,200 per sq.ft (2024)
• Kalaivani 1st To 3rdcross Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Jayalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, while the registration fee at 2% would be Rs 43,200. Together, the total cost for stamp duty and registration would be Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jayalakshmi Nagar?

The Sub Registrar Office that covers Jayalakshmi Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kilkattalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

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

Frequently asked questions

What is the current guideline value of Jayalakshmi Nagar?

The current guideline value of Jayalakshmi Nagar is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 164 per sq.ft in 2003 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 1217% over the years.

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

The stamp duty is charged at 7% of the higher of the guideline value or the sale price, while the registration fee is 2%. For example, a 1,000 sq.ft plot at the current rate would incur a total of Rs 1,94,400 in fees.

Which office handles property registrations in Jayalakshmi Nagar?

The Pallavaram Sub Registrar Office handles property registrations in Jayalakshmi Nagar, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the land classification of Jayalakshmi Nagar?

Jayalakshmi Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development and transactions.