Guideline Value for Jothi Nagar 2nd Cross Street

Jothi Nagar 2nd Cross Street guideline value

The current guideline value of Jothi Nagar 2nd Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Jothi Nagar 2nd Cross Street has changed

The guideline value for Jothi Nagar 2nd Cross Street has undergone several revisions over the years. In 2012, the value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017, marking a decline of 33%. The value then increased significantly to Rs 2,000 per sq.ft in 2023, followed by a further increase to Rs 2,200 per sq.ft in 2024, representing a 10% rise.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 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. The median value for these streets is Rs 2,400 per sq.ft, placing Jothi Nagar 2nd Cross Street's 2024 figure below that median.

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

Stamp duty and registration fee for property in Jothi Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Jothi Nagar 2nd Cross Street?

The Sub Registrar Office that covers Jothi Nagar 2nd Cross 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, under the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, it is essential to be aware that the guideline value affects the stamp duty and registration fees. These fees are calculated based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Jothi Nagar 2nd Cross Street?

The current guideline value of Jothi Nagar 2nd Cross 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Jothi Nagar 2nd Cross Street?

Jothi Nagar 2nd Cross Street is classified as Residential Special Type - I.

Where can I find the Sub Registrar Office for Jothi Nagar 2nd Cross Street?

The Sub Registrar Office for Jothi Nagar 2nd Cross Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for properties in Jothi Nagar 2nd Cross Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. The registration fee is charged at 2% of the guideline value.