Guideline Value for Jothi Nagar (Ward-29)

Jothi Nagar (Ward-29) guideline value

The current guideline value of Jothi Nagar (Ward-29) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Jothi Nagar (Ward-29) has changed

Over the years, the guideline value for Jothi Nagar (Ward-29) has seen several revisions. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent figures show that in 2023, the guideline value was Rs 1,200 per sq.ft, which increased to Rs 1,300 per sq.ft in the 2024 revision, marking an increase of 8%.

Prior to the 2023 revision, the guideline value for this street was not recorded in the register. The current figure of Rs 1,300 per sq.ft places Jothi Nagar (Ward-29) within the context of other streets in the area.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, indicating that Jothi Nagar's 2024 figure is below this median.

• Jothi Nagar, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• Jothiramalingam Nagar (Kuthira Kuthi Thazai): Rs 1,300 per sq.ft (2024)
• Jothi Nagar Extention (Ward 29): Rs 1,300 per sq.ft (2024)
• Jothi Nagar: Rs 1,300 per sq.ft (2024)
• John Vasu st ( Ward No.4 ): Rs 1,300 per sq.ft (2024)
• John Vasu st extn. ( Ward No.4 ): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Jothi Nagar (Ward-29)

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

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

Which Sub Registrar Office covers Jothi Nagar (Ward-29)?

The Sub Registrar Office that covers Jothi Nagar (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. Buyers and sellers should consider this value to ensure compliance with local regulations and to accurately calculate the associated costs of registration.

Frequently asked questions

What is the current guideline value of Jothi Nagar (Ward-29)?

The current guideline value of Jothi Nagar (Ward-29) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Jothi Nagar (Ward-29) was Rs 1,200 per sq.ft in 2023 and increased to Rs 1,300 per sq.ft in 2024, marking an 8% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft. Jothi Nagar's current guideline value is below this median.

What are the stamp duty and registration fees for property in Jothi Nagar (Ward-29)?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. The duty is charged on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Jothi Nagar (Ward-29)?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in Jothi Nagar (Ward-29).