Guideline Value for Jayaram Nagar 12th Street

Jayaram Nagar 12th Street guideline value

The current guideline value of Jayaram Nagar 12th 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 12th Street has changed

The guideline value for Jayaram Nagar 12th Street has seen several revisions over the years. In 2002, the guideline value was Rs 85 per sq.ft, which increased to Rs 94 per sq.ft in 2003. Following this, there was a significant rise to Rs 350 per sq.ft in 2007, and then it jumped to Rs 2,000 per sq.ft in 2012. However, the value decreased to Rs 1,340 per sq.ft in 2017 before increasing to Rs 2,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft.

Between the revisions, the changes were as follows: from 2002 to 2003, there was an increase of 11%. The value surged by 272% from 2003 to 2007, followed by a massive increase of 471% from 2007 to 2012. The value then decreased by 33% from 2012 to 2017. After that, it rose by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value increased by 2,488%.

Guideline values in Nerkundram

In Nerkundram, there are 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 12th Street.

• Jayaram Nagar 11th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 13th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 10th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 14th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 15th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 16th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jayaram Nagar 12th 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, making the total charges 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.

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

Which Sub Registrar Office covers Jayaram Nagar 12th Street?

The Sub Registrar Office that covers Jayaram Nagar 12th 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 crucial when buying or selling property in Nerkundram as it determines the minimum value at which a property can be registered. This value is used by the registration department to calculate the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property transactions. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Jayaram Nagar 12th Street?

The current guideline value of Jayaram Nagar 12th 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 a significant increase over the years.

What is the land classification of Jayaram Nagar 12th Street?

Jayaram Nagar 12th Street is classified as Residential Class IV Type - I.

What is the stamp duty rate for property transactions in this area?

The stamp duty rate for property transactions in this area is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for this street?

The Sub Registrar Office for Jayaram Nagar 12th Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.