Guideline Value for Jayaram Nagar 8th Street

Jayaram Nagar 8th Street guideline value

The current guideline value of Jayaram Nagar 8th 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 it falls under the Residential Class IV Type - I land classification.

How the guideline value of Jayaram Nagar 8th Street has changed

The guideline value for Jayaram Nagar 8th Street has undergone several revisions over the years. In 2002, the value was Rs 85 per sq.ft. This increased to Rs 94 per sq.ft in 2003, marking an 11% rise. The value saw a significant jump to Rs 350 per sq.ft in 2007, which was a 272% increase. By 2012, the value had risen to Rs 2,000 per sq.ft, reflecting a 471% increase from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, which was a 33% drop. The value then increased to Rs 2,000 per sq.ft in 2023, and finally, it reached Rs 2,200 per sq.ft in 2024, showing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2,488%. There are no figures available for the years not listed in the register for this street.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft as of 2024. The median guideline value in this area is Rs 2,200 per sq.ft, which is equal to the current value of Jayaram Nagar 8th Street.

• Jayaram Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 5th 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 8th 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 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Jayaram Nagar 8th Street?

The Sub Registrar Office that covers Jayaram Nagar 8th 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 further assistance.

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

The guideline value is an essential factor in property transactions in Nerkundram. It is used to determine the stamp duty and registration fees payable when you buy or sell property in the area. The guideline value is set by the government and is subject to periodic revisions based on various factors.

When registering a property, the guideline value serves as a benchmark for the transaction, ensuring that the correct fees are calculated. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Jayaram Nagar 8th Street?

The current guideline value of Jayaram Nagar 8th 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 from Rs 85 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2,488% over the years.

What is the land classification for Jayaram Nagar 8th Street?

Jayaram Nagar 8th Street is classified under Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Jayaram Nagar 8th Street?

The Sub Registrar Office for Jayaram Nagar 8th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for property transactions?

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