Guideline Value for Jayaram Nagar 7th Street

Jayaram Nagar 7th Street guideline value

The current guideline value for Jayaram Nagar 7th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Jayaram Nagar 7th Street has changed

The guideline value for Jayaram Nagar 7th Street has seen significant changes over the years. In 2002, 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 this, the guideline value jumped to Rs 2,000 per sq.ft in 2012, a substantial 471% increase from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, which was a 33% decline. The value then increased to Rs 2,000 per sq.ft in 2023, followed by a 10% rise to the current value of Rs 2,200 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 2,488%. The register has no figures for the years not mentioned in this summary.

Guideline values in Nerkundram

Nerkundram village has 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is equal to the current value of Jayaram Nagar 7th Street.

• Jayaram Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jayaram Nagar 7th 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, totaling Rs 1,98,000. It is important to note that 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 Jayaram Nagar 7th Street?

The Sub Registrar Office that covers Jayaram Nagar 7th 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

When buying or selling property in Nerkundram, the guideline value plays a crucial role in determining the applicable stamp duty and registration fees. The guideline value serves as a benchmark for the minimum value at which properties can be registered, ensuring that transactions are transparent and fair.

During the registration process, the buyer must pay stamp duty based on the higher of the guideline value or the actual sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Jayaram Nagar 7th Street?

The current guideline value of Jayaram Nagar 7th 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, representing an overall increase of 2,488% over the years.

What is the land classification for Jayaram Nagar 7th Street?

The land classification for Jayaram Nagar 7th Street is Residential Class IV Type - I.

Where is the Sub Registrar Office located for this area?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Jayaram Nagar 7th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,54,000.