Guideline Value for Jayalakshmi Street

Jayalakshmi Street guideline value

The current guideline value of Jayalakshmi Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Jayalakshmi Street has changed

In the 2002 revision, the guideline value was Rs 584 per sq.ft. This increased to Rs 647 per sq.ft in 2003, marking an increase of 11%. The value saw a significant rise to Rs 1,100 per sq.ft in 2007, which was an increase of 70%. The 2012 revision brought the value down to Rs 3,500 per sq.ft, reflecting a decrease of 218%. However, the value increased again to Rs 2,345 per sq.ft in 2017, which was a rise of 33% from the previous revision.

In 2023, the guideline value was Rs 3,500 per sq.ft, which then increased by 10% to the current value of Rs 3,850 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 559%. There are no figures available for the revisions in years other than those listed.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Jayalakshmi Street's 2024 figure below this median.

• Javahar Street: Rs 3,850 per sq.ft (2024)
• Jeevanandham Street: Rs 4,400 per sq.ft (2024)
• Jaibalaji Nagar: Rs 2,750 per sq.ft (2024)
• INDIRA NAGAR 6th Cross Street: Rs 2,750 per sq.ft (2024)
• INDIRA NAGAR 5th Street: Rs 2,750 per sq.ft (2024)
• INDIRA NAGAR 5th Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Jayalakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000. Together, the total cost for these fees would be Rs 3,46,500. 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 Street?

The Sub Registrar Office that covers Jayalakshmi 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 Virugambakkam

The guideline value is a critical factor in property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that all transactions are conducted fairly and transparently.

Buyers and sellers must consider the guideline value when negotiating sale prices, as it can influence the overall cost of the transaction. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Jayalakshmi Street?

The current guideline value of Jayalakshmi Street is Rs 3,850 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 584 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 559% over this period.

What is the land classification for Jayalakshmi Street?

The land classification for Jayalakshmi Street is Residential Class III Type - II.

Where can I find the Virugambakkam Sub Registrar Office?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Jayalakshmi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 2,69,500.