Guideline Value for Jothi Nagar 7th Street

Jothi Nagar 7th Street guideline value

The current guideline value of Jothi Nagar 7th 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 7th Street has changed

The guideline value for Jothi Nagar 7th Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 1,340 per sq.ft. In 2023, the value increased to Rs 2,000 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

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 reflects a modest increase of 10%.

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, with a median value of Rs 2,400 per sq.ft. The guideline value of Jothi Nagar 7th Street is below this median.

• Jothi Nagar 7th Main Road: Rs 2,200 per sq.ft (2024)
• Jothi Nagar 8th Main Road: Rs 2,200 per sq.ft (2024)
• Jothi Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Jothi Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Jothi Nagar 6th Main Road: Rs 2,200 per sq.ft (2024)
• Jothi Nagar 9th Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Jothi Nagar 7th Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be 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, making the total Rs 1,98,000. It is important to note that 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 Jothi Nagar 7th Street?

The Jothi Nagar 7th Street falls under 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 information.

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

The guideline value is a critical factor during property transactions in Madambakkam, as it determines the minimum value at which a property can be registered. It is essential for buyers and sellers to understand this value, as it affects the stamp duty and registration fees payable at the time of transaction.

When a property is sold, the guideline value serves as a benchmark for calculating the taxes involved. Buyers should ensure that the sale price is either equal to or exceeds the guideline value to avoid any legal issues during registration.

Frequently asked questions

What is the current guideline value of Jothi Nagar 7th Street?

The current guideline value of Jothi Nagar 7th 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 several times, from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back 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 7th Street?

Jothi Nagar 7th Street is classified as Residential Special Type - I.

Which Sub Registrar Office covers this street?

The Selaiyur Sub Registrar Office covers Jothi Nagar 7th Street, located in East Tambaram, Chennai.

How is stamp duty calculated for properties in Jothi Nagar 7th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, on a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.