Guideline Value for Jeeva Nagar

Jeeva Nagar guideline value

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

How the guideline value of Jeeva Nagar has changed

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

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for this street in the revisions of 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

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

• 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)
• Jeeva Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Jeeva Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Jeeva Nagar 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Jeeva Nagar

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 cost 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jeeva Nagar?

The Jeeva Nagar area falls under the jurisdiction of 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 plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It is used to determine the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, it is essential to be aware of the current guideline value, as it directly affects the costs associated with registration. Buyers and sellers should ensure they are informed about any revisions to the guideline value to avoid unexpected fees.

Frequently asked questions

What is the current guideline value of Jeeva Nagar?

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

How much has the guideline value changed in recent years?

Since the 2017 revision, the guideline value has increased by 64%, moving from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024.

What is the land classification for Jeeva Nagar?

Jeeva Nagar is classified as Residential Class I Type - I, indicating its designation for residential purposes.

Where is the Velacheri Sub Registrar Office located?

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

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at the rate of 7%.