Guideline Value for Jayaram Nagar 2nd Street

Jayaram Nagar 2nd Street guideline value

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

How the guideline value of Jayaram Nagar 2nd Street has changed

The guideline value for Jayaram Nagar 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 85 per sq.ft, which increased to Rs 94 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 350 per sq.ft in 2007, and further jumped to Rs 2,000 per sq.ft in 2012. However, the value decreased to Rs 1,340 per sq.ft in 2017 before rising again to Rs 2,000 per sq.ft in 2023. The most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft.

Between the revisions, there have been notable changes. From 2002 to 2003, the increase was +11%. The jump from 2003 to 2007 was +272%, followed by a massive +471% from 2007 to 2012. The value then decreased by -33% from 2012 to 2017, but saw a significant increase of +49% from 2017 to 2023. Finally, the value rose by +10% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +2488%.

Guideline values in Nerkundram

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

• Jayaram Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 20th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)

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

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

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jayaram Nagar 2nd Street?

The Sub Registrar Office that covers Jayaram Nagar 2nd 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 an important factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a property transaction occurs, the guideline value is compared against the sale price. The higher of the two amounts is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Jayaram Nagar 2nd Street?

The current guideline value of Jayaram Nagar 2nd 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, showing an overall increase of +2488% over the years.

What is the land classification for Jayaram Nagar 2nd Street?

Jayaram Nagar 2nd Street is classified as Residential Class IV Type - I.

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

The Sub Registrar Office for Jayaram Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Jayaram Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.