Guideline Value for Jemes Street

Jemes Street guideline value

The current guideline value of Jemes Street in Porunthavakkam village is Rs 2,420 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class I Type - III.

How the guideline value of Jemes Street has changed

The guideline value for Jemes Street has seen several revisions over the years. In 2003, the guideline value was Rs 332 per sq.ft, which increased to Rs 500 per sq.ft in 2007. Following this, there was a significant jump to Rs 2,200 per sq.ft in 2012, but it then decreased to Rs 1,474 per sq.ft in 2017. The value rose again to Rs 2,200 per sq.ft in 2023 before reaching the current rate of Rs 2,420 per sq.ft in 2024, reflecting a 10% increase from the previous year. The register has no figure for this street in 2002.

From 2017 to 2023, the value increased by 49%. The jump from 2007 to 2012 was substantial at 340%, while the increase from 2003 to 2007 was 51%. Overall, from 2003 to 2024, the guideline value has increased by 629%.

Guideline values in Porunthavakkam

In Porunthavakkam, there are 23 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,760 to Rs 4,950 per sq.ft, with the median being Rs 2,420 per sq.ft. Jemes Street's current guideline value aligns with this median.

• Iyapa Nagar: Rs 1,760 per sq.ft (2024)
• Kalaivani Street: Rs 2,420 per sq.ft (2024)
• Kalyani Street: Rs 2,420 per sq.ft (2024)
• Kalyaniyammal Street: Rs 2,420 per sq.ft (2024)
• Kamaraj Street: Rs 2,420 per sq.ft (2024)
• Kandaswamy Road: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Jemes Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value amounts to Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total to Rs 2,17,800. 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 Jemes Street?

The Sub Registrar Office that covers Jemes Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Porunthavakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented according to the prevailing market conditions as reflected in the guideline values.

Additionally, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher, making it essential to understand the current rates.

Frequently asked questions

What is the current guideline value of Jemes Street?

The current guideline value of Jemes Street is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 332 per sq.ft in 2003 to Rs 2,420 per sq.ft in 2024, reflecting significant increases and a few decreases in between, such as a drop to Rs 1,474 per sq.ft in 2017.

What is the land classification for Jemes Street?

Jemes Street is classified as Residential Class I Type - III, which indicates its intended use for residential purposes.

Where is the Sub Registrar Office for Jemes Street located?

The Sub Registrar Office for Jemes Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties on Jemes Street?

Stamp duty for properties on Jemes Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Registration fees are also applicable at 2% of the guideline value.