Guideline Value for Jayaram Nagar 15th Street

Jayaram Nagar 15th Street guideline value

The current guideline value of Jayaram Nagar 15th 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, and is classified as Residential Class IV Type - I.

How the guideline value of Jayaram Nagar 15th Street has changed

The guideline value for Jayaram Nagar 15th 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 that, a significant rise occurred, with the value reaching Rs 350 per sq.ft in 2007. The subsequent revision in 2012 brought the value back down to Rs 2,000 per sq.ft, but it surged to Rs 1,340 per sq.ft in 2017. The most recent revisions saw an increase to Rs 2,000 per sq.ft in 2023 and a further rise to Rs 2,200 per sq.ft in 2024.

Between the revisions, the most notable changes include a remarkable increase of 471% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. From 2017 to 2023, the value increased by 49%, and the latest revision from 2023 to 2024 reflects a 10% rise. Overall, since 2002, the guideline value has increased by 2,488%.

Guideline values in Nerkundram

In Nerkundram, there are 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 for these streets is Rs 2,200 per sq.ft, which is the same as the 2024 figure for Jayaram Nagar 15th Street.

• Jayaram Nagar 14th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 16th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 13th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 17th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 12th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 18th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jayaram Nagar 15th 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, while the registration fee at 2% would be Rs 44,000. Together, these fees would total 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 to estimate your costs.

Which Sub Registrar Office covers Jayaram Nagar 15th Street?

The Sub Registrar Office that covers Jayaram Nagar 15th 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 a crucial factor in property transactions in Nerkundram. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value serves as a benchmark for calculating the applicable taxes. It is essential to be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Jayaram Nagar 15th Street?

The current guideline value of Jayaram Nagar 15th 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, reflecting an overall increase of 2,488%.

What is the land classification for Jayaram Nagar 15th Street?

Jayaram Nagar 15th Street is classified as Residential Class IV Type - I.

Where can I find the registration office for Jayaram Nagar 15th Street?

The registration office for Jayaram Nagar 15th 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 Nerkundram?

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