Guideline Value for Jayalakshmi puram MainRoad

Jayalakshmi puram MainRoad guideline value

The current guideline value of Jayalakshmi puram MainRoad is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Jayalakshmi puram MainRoad has changed

The guideline value for Jayalakshmi puram MainRoad has undergone several revisions over the years. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012, marking a 300% rise. However, the 2017 revision saw a decrease to Rs 5,360 per sq.ft, a drop of 33%. The value then rose to Rs 8,000 per sq.ft in 2023, before reaching the current rate of Rs 8,800 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2007 to 2024, it has risen by 340%. There are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, which is equal to the guideline value of Jayalakshmi puram MainRoad.

• Jayalakshmipuram 4th Street: Rs 7,700 per sq.ft (2024)
• Jayalakshmipuram 3rd Street: Rs 7,700 per sq.ft (2024)
• Jayalakshmipuram 2nd Street: Rs 7,700 per sq.ft (2024)
• Jayalakshmipuram 1st Street: Rs 7,700 per sq.ft (2024)
• Jambulingam Road: Rs 8,800 per sq.ft (2024)
• Jhonty Garden: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Jayalakshmi puram MainRoad

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value is Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that 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 information on costs.

Which Sub Registrar Office covers Jayalakshmi puram MainRoad?

The Sub Registrar Office that covers Jayalakshmi puram MainRoad is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. For more details, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Nungambakkam. It is used to determine the stamp duty and registration fees that buyers must pay when registering a property. This value ensures that the transaction is recorded at a fair and standardized rate, reflecting the market conditions.

When selling a property, the guideline value helps establish a baseline for negotiations and pricing. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements and to avoid any potential legal issues during the transaction.

Frequently asked questions

What is the current guideline value of Jayalakshmi puram MainRoad?

The current guideline value of Jayalakshmi puram MainRoad is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, increasing from Rs 2,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

What are the other streets in Nungambakkam with similar guideline values?

Other streets in Nungambakkam include Jayalakshmipuram 4th Street, 3rd Street, 2nd Street, and 1st Street, all valued at Rs 7,700 per sq.ft in 2024, while Jambulingam Road matches the guideline value of Rs 8,800 per sq.ft.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 88,00,000 would incur a stamp duty of Rs 6,16,000 at a rate of 7%.

Where can I find the Sub Registrar Office for Jayalakshmi puram MainRoad?

The Sub Registrar Office for Jayalakshmi puram MainRoad is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.