Guideline Value for Jayalakshmi Nagar

Jayalakshmi Nagar guideline value

The current guideline value of Jayalakshmi Nagar, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - II land classification.

How the guideline value of Jayalakshmi Nagar has changed

Over the years, the guideline value of Jayalakshmi Nagar has seen significant changes. In 2003, the guideline value was Rs 164 per sq.ft. This figure increased to Rs 600 per sq.ft in 2007, marking a 266% rise. The value then surged to Rs 3,000 per sq.ft in 2012, which was a 400% increase from the previous revision. However, in 2017, the value decreased to Rs 2,010 per sq.ft, reflecting a 33% drop. The guideline value then rose to Rs 3,000 per sq.ft in 2023, and finally, it reached the current rate of Rs 3,300 per sq.ft in 2024, indicating a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1912%. The register has no figure for the year 2002 for this street.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value of Jayalakshmi Nagar.

• Jayalakshmi Nagar 1 To 3 Streets: Rs 3,300 per sq.ft (2024)
• Jayalakshmi Avenue: Rs 3,300 per sq.ft (2024)
• Jayalakshmi Street: Rs 3,300 per sq.ft (2024)
• Javvadhu Hussain Street: Rs 2,160 per sq.ft (2024)
• Jagath Avenue 1 To 4 Streets: Rs 2,750 per sq.ft (2024)
• Iyswarya Nagar: Rs 2,750 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, charged at 7%, would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, 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 details.

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

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

When buying or selling property, the guideline value helps both buyers and sellers understand the legal valuation of a property, which can influence negotiations and final sale prices. It is essential to be aware of the current guideline value to ensure compliance with local regulations during any property transaction.

Frequently asked questions

What is the current guideline value of Jayalakshmi Nagar?

The current guideline value of Jayalakshmi Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 164 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1912% over the years.

What is the land classification for Jayalakshmi Nagar?

Jayalakshmi Nagar falls under the Residential Class I Type - II land classification.

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

The Sub Registrar Office for Jayalakshmi Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Jayalakshmi Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000.