Guideline Value for Jayalakshmipuram 2nd Street

Jayalakshmipuram 2nd Street guideline value

The current guideline value of Jayalakshmipuram 2nd Street is Rs 7,700 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 Class I Type - I.

How the guideline value of Jayalakshmipuram 2nd Street has changed

The guideline value for Jayalakshmipuram 2nd Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,800 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012, marking a rise of 289%. However, it then decreased to Rs 4,690 per sq.ft in 2017, representing a decline of 33%. The value then increased again to Rs 7,000 per sq.ft in 2023, followed by a further increase to Rs 7,700 per sq.ft in 2024, which is a 10% rise.

From 2017 to 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 328%. It is important to note that the register has no figures for the years 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 guideline value for 2024, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value among these streets is Rs 8,800 per sq.ft, making the guideline value of Jayalakshmipuram 2nd Street below the median.

• Jayalakshmipuram 1st Street: Rs 7,700 per sq.ft (2024)
• Jayalakshmipuram 3rd Street: Rs 7,700 per sq.ft (2024)
• Jayalakshmipuram 4th Street: Rs 7,700 per sq.ft (2024)
• Jayalakshmi puram MainRoad: Rs 8,800 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 Jayalakshmipuram 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Jayalakshmipuram 2nd Street?

The Sub Registrar Office that covers Jayalakshmipuram 2nd Street is the Chennai Central Joint II Sub Registrar Office. The address is No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nungambakkam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that these costs are aligned with the property's market value.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Jayalakshmipuram 2nd Street?

The current guideline value of Jayalakshmipuram 2nd Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 328% over the years.

What is the median guideline value in Nungambakkam?

The median guideline value in Nungambakkam is Rs 8,800 per sq.ft, while Jayalakshmipuram 2nd Street's value is below this median.

What are the stamp duty rates for properties in Jayalakshmipuram 2nd Street?

The stamp duty for properties in Jayalakshmipuram 2nd Street is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Jayalakshmipuram 2nd Street?

The Sub Registrar Office for Jayalakshmipuram 2nd Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.