Guideline Value for Jeeva Nagar 2nd Street

Jeeva Nagar 2nd Street guideline value

The current guideline value of Jeeva Nagar 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of Jeeva Nagar 2nd Street has changed

The guideline value for Jeeva Nagar 2nd Street has seen significant changes over the years. The 2017 revision recorded a value of Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% increase. The most recent 2024 revision has set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from 2023.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value in this area is Rs 2,750 per sq.ft, placing the 2024 guideline value of Jeeva Nagar 2nd Street above this median.

• Jeeva Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Jeeva Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Jeeva Nagar: Rs 3,850 per sq.ft (2024)
• Jeeva Avenue Extension/Periyar Nagar 7th Street: Rs 3,850 per sq.ft (2024)
• Jeeva Avenue 7th Street/Periyar Nagar-2: Rs 3,850 per sq.ft (2024)
• Jeeva Avenue: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Jeeva Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jeeva Nagar 2nd Street?

The Sub Registrar Office that covers Jeeva Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction adheres to the legal requirements set by the Registration Department.

Frequently asked questions

What is the current guideline value of Jeeva Nagar 2nd Street?

The current guideline value of Jeeva Nagar 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, marking an overall increase of 64%.

What is the land classification of Jeeva Nagar 2nd Street?

Jeeva Nagar 2nd Street is classified as Residential Class I Type - I.

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

The stamp duty for property transactions in Jeeva Nagar 2nd Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.