Guideline Value for Jayaram Nagar 9th Street

Jayaram Nagar 9th Street guideline value

The current guideline value of Jayaram Nagar 9th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village and falls under the Virugambakkam SRO, with a land classification of Residential Class IV Type - I.

How the guideline value of Jayaram Nagar 9th Street has changed

The guideline value for Jayaram Nagar 9th 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. Following this, the value rose to Rs 350 per sq.ft in 2007, marking a substantial increase of 272%. The 2012 revision saw a decrease to Rs 2,000 per sq.ft, a drop of 33%. However, this was followed by a notable increase to Rs 1,340 per sq.ft in 2017, and then to Rs 2,000 per sq.ft in 2023, before reaching the current value of Rs 2,200 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2,488%. The 2024 revision aligns with the median guideline value of Rs 2,200 per sq.ft for the 476 streets in Nerkundram under the Virugambakkam SRO.

Guideline values in Nerkundram

Nerkundram village has a range of guideline values for its streets, with figures for 2024 varying from Rs 1,650 to Rs 6,600 per sq.ft. The median value is Rs 2,200 per sq.ft, which matches the guideline value of Jayaram Nagar 9th Street. Below are the guideline values for other streets in Nerkundram:

• Jayaram Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 7th 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 9th 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 be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost 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 9th Street?

The Sub Registrar Office that covers Jayaram Nagar 9th 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 during the registration process. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair price.

Additionally, the guideline value is used to calculate the stamp duty and registration fees applicable to the property transaction. Buyers must be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Jayaram Nagar 9th Street?

The current guideline value of Jayaram Nagar 9th 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 increased from Rs 85 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting a total increase of 2,488% over the years.

What is the land classification for Jayaram Nagar 9th Street?

Jayaram Nagar 9th Street is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Jayaram Nagar 9th Street?

The Sub Registrar Office for Jayaram Nagar 9th 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 properties in Nerkundram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. 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%.