Guideline Value for Jayaram Nagar 18th Street

Jayaram Nagar 18th Street guideline value

The current guideline value of Jayaram Nagar 18th 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 18th Street has changed

The guideline value for Jayaram Nagar 18th 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. The next major revision occurred in 2007, where the value rose dramatically to Rs 350 per sq.ft. By 2012, the guideline value had increased to Rs 2,000 per sq.ft, but it then fell to Rs 1,340 per sq.ft in 2017. The value saw a substantial increase again, reaching Rs 2,000 per sq.ft in 2023, and finally, the current value stands at Rs 2,200 per sq.ft from the 2024 revision.

Notably, there are no figures available for the revisions in years not listed, and the changes between the revisions are as follows: from 2002 to 2024, there has been an overall increase of 2,488%. The most recent change from 2023 to 2024 was an increase of 10%, while the increase from 2017 to 2023 was 49%. The value fluctuated with a decrease of 33% from 2012 to 2017 and a significant increase of 471% from 2007 to 2012, along with a 272% increase from 2003 to 2007 and an 11% increase from 2002 to 2003.

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 value for these streets is Rs 2,200 per sq.ft, which is equal to the guideline value for Jayaram Nagar 18th Street.

• Jayaram Nagar 17th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 19th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 16th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 15th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 14th Street: Rs 2,200 per sq.ft (2024)
• Jayaram Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jayaram Nagar 18th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to 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 fees to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Jayaram Nagar 18th Street?

The Sub Registrar Office covering Jayaram Nagar 18th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit this link.

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

The guideline value is a crucial factor when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum value of a property for registration purposes. When a property is sold, the registration office uses the guideline value to calculate the applicable stamp duty and registration fees.

Buyers and sellers should be aware that the guideline value may differ from the actual sale price of the property. However, 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 18th Street?

The current guideline value of Jayaram Nagar 18th 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, marking an overall increase of 2,488% over the years.

What is the land classification for Jayaram Nagar 18th Street?

Jayaram Nagar 18th Street is classified as Residential Class IV Type - I.

Where is the Sub Registrar Office for Jayaram Nagar 18th Street located?

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 18th Street?

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 7%.