Guideline Value for Jones salai

Jones salai guideline value

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

How the guideline value of Jones salai has changed

The guideline value for Jones salai 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, reflecting a change of +14%. The value rose to Rs 1,500 per sq.ft in 2007, marking a +15% increase. A significant jump occurred in 2012 when the value reached Rs 4,500 per sq.ft, representing a +200% change from the previous revision. However, in 2017, the value decreased to Rs 3,015 per sq.ft, showing a decline of -33%.

From 2017 to 2023, the guideline value increased by +49% to Rs 4,500 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 4,900 per sq.ft, which is a +9% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by +326%. There are no figures available for revisions in years other than those listed.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO with 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 salai is below this median.

• Jones lane: 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 salai

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 stamp duty and registration would be Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Jones salai?

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

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair value as per government regulations.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can significantly impact the overall costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Jones salai?

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

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 1,150 per sq.ft 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 salai?

Jones salai is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty rates applicable in Jones salai?

The stamp duty rate applicable in Jones salai is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Jones salai?

The Sub Registrar Office for Jones salai is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.