Guideline Value for John Street

John Street guideline value

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

How the guideline value of John Street has changed

The guideline value for John Street has undergone several revisions over the years. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 1,500 per sq.ft, which increased to Rs 1,650 per sq.ft in the 2024 revision, marking a change of +10%.

Thus, the current guideline value reflects an upward adjustment from the previous year. The 2024 figure of Rs 1,650 per sq.ft is the latest available and shows a clear increase from the 2023 value.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing John Street's 2024 figure below this median.

• John Nagar: 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 Street

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 these fees would be Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers John Street?

The Sub Registrar Office that covers John 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 plays a crucial role during the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the sale of property.

When buying or selling property, the guideline value is considered to ensure that the transaction is recorded accurately and that the appropriate fees are collected based on the established rates. This helps maintain transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of John Street?

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

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased from Rs 1,500 per sq.ft to Rs 1,650 per sq.ft, which is a change of +10%.

What is the land classification of John Street?

John Street is classified as Residential Class II Type - II, indicating its designated use within the local zoning regulations.

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 higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 16,50,000, the stamp duty would be 7% of that amount.