Guideline Value for Jayaram Nagar 1st Street

Jayaram Nagar 1st Street guideline value

The current guideline value of Jayaram Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO, classified as Residential Class IV Type - I.

How the guideline value of Jayaram Nagar 1st Street has changed

The guideline value for Jayaram Nagar 1st Street has seen significant changes over the years. In the 2002 revision, the value was Rs 85 per sq.ft, which increased to Rs 94 per sq.ft in 2003, marking an 11% rise. The value then rose dramatically to Rs 350 per sq.ft in 2007, reflecting a 272% increase. Following that, the 2012 revision saw the value at Rs 2,000 per sq.ft, resulting in a substantial 471% increase from the previous figure. However, the 2017 revision saw a decrease to Rs 1,340 per sq.ft, which was a decline of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, followed by a further increase to Rs 2,200 per sq.ft in the 2024 revision, representing a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 2488%. The register has no figure for the years not mentioned in the revisions listed above.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value of Jayaram Nagar 1st Street.

• Jayaram Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 20th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 19th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 18th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 17th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jayaram Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jayaram Nagar 1st Street?

The Sub Registrar Office that covers Jayaram Nagar 1st 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 information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware that the guideline value will influence the overall cost of registration.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of the property being sold or purchased.

Frequently asked questions

What is the current guideline value of Jayaram Nagar 1st Street?

The current guideline value of Jayaram Nagar 1st Street is Rs 2,200 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 85 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2488% over the years.

What are the stamp duty and registration fees for property in Jayaram Nagar 1st Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office handles registrations for Jayaram Nagar 1st Street?

The Virugambakkam Sub Registrar Office handles registrations for Jayaram Nagar 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Jayaram Nagar 1st Street?

Jayaram Nagar 1st Street is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.