Guideline Value for Jones lane

Jones lane guideline value

The current guideline value of Jones lane in Muthialpet village, under the Chennai North Joint I SRO, is Rs 4,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Jones lane has changed

The guideline value for Jones lane has seen several revisions over the years. In 2002, the value was Rs 1,150 per sq.ft, which increased to Rs 1,307 per sq.ft in 2003, marking a 14% rise. The value then rose to Rs 1,500 per sq.ft in 2007, a 15% increase. Following this, there was a significant jump to Rs 4,500 per sq.ft in 2012, reflecting a 200% increase. However, the value decreased to Rs 3,015 per sq.ft in 2017, showing a decline of 33%. The subsequent revision in 2023 brought the value back up to Rs 4,500 per sq.ft, a 49% increase, and the most recent revision in 2024 set the value at Rs 4,900 per sq.ft, which is a 9% increase from the previous year.

It is important to note that there are no figures available for the years not listed in the register for this street.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value for Jones lane is below this median.

• Jones salai: Rs 4,900 per sq.ft (2024)
• Joseph street (Francis street): Rs 7,700 per sq.ft (2024)
• Javer Street(Gopal Chetty Street): Rs 4,900 per sq.ft (2024)
• Jahangir street[2nd line Beech]: Rs 15,900 per sq.ft (2024)
• Jahangir lane*: Rs 15,900 per sq.ft (2024)
• Jaffer lane Masthan lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Jones lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000. Together, the total cost for these fees would be Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jones lane?

The Sub Registrar Office that covers Jones lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more details.

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

The guideline value is an essential factor in the registration process when buying or selling property in Muthialpet. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the government receives the correct revenue from property transactions. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Jones lane?

The current guideline value of Jones lane is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Jones lane has changed from Rs 1,150 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 326% over the years.

What is the land classification for Jones lane?

Jones lane is classified as Residential Class I Type - III under the Chennai North Joint I SRO.

What are the stamp duty and registration fees for property in Jones lane?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 4,41,000, based on the guideline value of Rs 49,00,000.

Which Sub Registrar Office covers Jones lane?

The Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105, covers Jones lane.