Guideline Value for John Nagar

John Nagar guideline value

The current guideline value of John Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of John Nagar has changed

In the 2023 revision, the guideline value for John Nagar was Rs 1,500 per sq.ft. This represents an increase of 10% to the current guideline value of Rs 1,650 per sq.ft in the 2024 revision. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

The revisions show a clear upward trend from 2023 to 2024, with the previous value being Rs 1,500 per sq.ft. The guideline value for John Nagar is now set below the median value of Rs 2,750 per sq.ft for the 1823 streets in Madipakkam-1 under the Velacheri SRO.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. John Nagar's 2024 figure is below this median. Other streets in Madipakkam-1 include:

• John Street: Rs 1,650 per sq.ft (2024)
• Jothiramalingam Street: Rs 2,200 per sq.ft (2024)
• J.V. Nagar: Rs 2,750 per sq.ft (2024)
• Kabaleeswarar Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Kabaleeswar Nagar: Rs 1,650 per sq.ft (2024)
• Jeeva Nagar 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in John Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for stamp duty and registration fee would be Rs 1,48,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers John Nagar?

John Nagar falls under 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 details.

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

The guideline value plays a crucial role in property transactions within Madipakkam-1. It is used to determine the stamp duty and registration fees applicable when buying or selling property in this area.

When you register a property, the guideline value is considered to ensure that the transaction is recorded accurately. This value is essential for calculating the costs associated with property registration.

Frequently asked questions

What is the current guideline value of John Nagar?

The current guideline value of John Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024, marking a 10% increase. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification of John Nagar?

John Nagar is classified as Residential Class II Type - II. This classification reflects the nature of land use in the area.

What are the stamp duty and registration fees for properties in John Nagar?

The stamp duty is charged at 7% on the guideline value or sale price, whichever is higher, while the registration fee is 2%. For a property valued at Rs 16,50,000, the total fees would be Rs 1,48,500.

Where is the Sub Registrar Office for John Nagar located?

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