Guideline Value for Joseph Street

Joseph Street guideline value

The current guideline value of Joseph Street in Madambakkam village, under the Selaiyur SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Joseph Street has changed

Over the years, the guideline value of Joseph Street has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. This represented a decrease of 33%. However, the most recent revision in 2024 has increased the guideline value to Rs 1,300 per sq.ft, marking a significant increase of 62% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. Joseph Street's current guideline value is below this median.

• Jothi Nagar: Rs 2,200 per sq.ft (2024)
• Jothi Nagar 10th Main Road: Rs 2,200 per sq.ft (2024)
• Jothi Nagar 10th Street: Rs 2,200 per sq.ft (2024)
• Jothi Nagar 11th Street: Rs 2,200 per sq.ft (2024)
• Jothi Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Jothi Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Joseph Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Joseph Street?

The Sub Registrar Office that covers Joseph Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum sale price of a property, ensuring that transactions are conducted at fair values as determined by the government. This value is used to calculate the stamp duty and registration fees applicable to the property transaction.

At the time of registration, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, while also protecting buyers and sellers from undervaluation.

Frequently asked questions

What is the current guideline value of Joseph Street?

The current guideline value of Joseph Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then increased to Rs 1,300 per sq.ft in 2024.

What is the land classification of Joseph Street?

Joseph Street is classified under Residential Class II Type - II as per the land classification records.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for property in Joseph Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at 7%.