Guideline Value for Jothi Nagar 1st Street

Jothi Nagar 1st Street guideline value

The current guideline value of Jothi Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Jothi Nagar 1st Street has changed

The guideline value for Jothi Nagar 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following that, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision has raised it to Rs 2,200 per sq.ft. There are no figures available in the register for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The overall change from 2012 to 2024 shows a modest increase of 10% in the guideline value.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, placing Jothi Nagar 1st Street's 2024 figure below this median.

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

Stamp duty and registration fee for property in Jothi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jothi Nagar 1st Street?

The Sub Registrar Office that covers Jothi Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO online.

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

The guideline value is a critical factor when registering property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs involved in the registration process. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Jothi Nagar 1st Street?

The current guideline value of Jothi Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent increase from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

What is the land classification for Jothi Nagar 1st Street?

The land classification for Jothi Nagar 1st Street is Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty rates applicable in Jothi Nagar?

The stamp duty rate applicable in Jothi Nagar is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2% on the same basis.

Where is the Sub Registrar Office for Jothi Nagar 1st Street located?

The Sub Registrar Office for Jothi Nagar 1st Street is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, under the Chengalpattu registration zone.