Guideline Value for Jothi Nagar 8th Street

Jothi Nagar 8th Street guideline value

The current guideline value of Jothi Nagar 8th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, classified as Residential Class I Type - II.

How the guideline value of Jothi Nagar 8th Street has changed

The guideline value for Jothi Nagar 8th Street has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023 and has now risen to Rs 2,750 per sq.ft in 2024, marking a 10% increase from the previous year.

Between the revisions, the most significant change occurred from 2017 to 2023, where the 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 Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a guideline value for 2024, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, placing Jothi Nagar 8th Street above this median value.

• Jothi Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Jothi Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Jothi Nagar Ist Cross Street: Rs 2,750 per sq.ft (2024)
• Jothi Nagar Ist Street: Rs 2,750 per sq.ft (2024)
• Jothi Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Jothi Nagar 5th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Jothi Nagar 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration fee would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jothi Nagar 8th Street?

The Sub Registrar Office that covers Jothi Nagar 8th Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Chitlapakkam

The guideline value is a crucial factor when registering property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property based on the prevailing rates in the area. This transparency aids in facilitating smoother transactions and helps in avoiding disputes over property valuations.

Frequently asked questions

What is the current guideline value of Jothi Nagar 8th Street?

The current guideline value of Jothi Nagar 8th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification of Jothi Nagar 8th Street?

Jothi Nagar 8th Street is classified as Residential Class I Type - II.

Where can I find the Sub Registrar Office for Jothi Nagar 8th Street?

The Sub Registrar Office for Jothi Nagar 8th Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Jothi Nagar 8th Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 27,50,000 would incur a stamp duty of Rs 1,92,500.