Guideline Value for Jayaprakash Narayan Nagar 2nd Street

Jayaprakash Narayan Nagar 2nd Street guideline value

The current guideline value of Jayaprakash Narayan Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Jayaprakash Narayan Nagar 2nd Street has changed

The guideline value for Jayaprakash Narayan Nagar 2nd Street has seen several revisions over the years. The 2012 revision set the guideline value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2024 revision increased the value to Rs 1,600 per sq.ft, marking a significant rise of 59% from the 2017 figure. Overall, from the 2012 revision to the 2024 revision, there has been a slight increase of 7%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value of Jayaprakash Narayan Nagar 2nd Street is below this median.

• Jayaprakash Narayan Nagar 1st Street: Rs 1,600 per sq.ft (2024)
• Jayaprakash Narayan Nagar Main Road: Rs 1,600 per sq.ft (2024)
• Jayaprakash Narayan Nagar 1st Main Road: Rs 1,600 per sq.ft (2024)
• Jayaprakash Narayan Nagar: Rs 1,600 per sq.ft (2024)
• Jegajeevanram Street: Rs 1,600 per sq.ft (2024)
• Jegavanthapuram: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Jayaprakash Narayan Nagar 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, while the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. 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 detailed calculations.

Which Sub Registrar Office covers Jayaprakash Narayan Nagar 2nd Street?

The Sub Registrar Office that covers Jayaprakash Narayan Nagar 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Madambakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Madambakkam. 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 sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the state receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Jayaprakash Narayan Nagar 2nd Street?

The current guideline value for Jayaprakash Narayan Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024. This represents a 59% increase from 2017 to 2024 and an overall increase of 7% from 2012 to 2024.

What is the land classification for Jayaprakash Narayan Nagar 2nd Street?

Jayaprakash Narayan Nagar 2nd Street is classified as Residential Class II Type - I. This classification is important for understanding the permissible uses of the land.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a 1,000 sq.ft plot, the total fees would be Rs 1,44,000 based on the current guideline value.

Which office handles property registrations for Jayaprakash Narayan Nagar 2nd Street?

The Selaiyur Sub Registrar Office handles property registrations for Jayaprakash Narayan Nagar 2nd Street. The office is located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.