Guideline Value for Jothi Nagar

Jothi Nagar guideline value

The current guideline value of Jothi Nagar is Rs 2,450 per sq.ft, effective from 1 July 2024. This area is located in Moulivakkam village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Jothi Nagar has changed

Over the years, the guideline value of Jothi Nagar has seen significant changes. The earliest recorded revision was in 2003, with a guideline value of Rs 250 per sq.ft. This figure increased to Rs 750 per sq.ft in 2007, marking a substantial rise of 200%. By 2012, the value reached Rs 2,200 per sq.ft, which represented an increase of 193% from the previous revision. However, the value then decreased to Rs 1,474 per sq.ft in 2017, reflecting a decline of 33%.

In the subsequent revisions, the guideline value rose to Rs 2,200 per sq.ft in 2023, and then to the current value of Rs 2,450 per sq.ft in 2024, showing an increase of 11%. Overall, from 2003 to 2024, the guideline value has increased by 880%.

Guideline values in Moulivakkam

In Moulivakkam, there are 44 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,000 to Rs 3,900 per sq.ft. The median value for these streets is Rs 2,450 per sq.ft, which is equal to the guideline value of Jothi Nagar. Below are the guideline values for other streets in Moulivakkam:

• Jeevan Nagar: Rs 2,450 per sq.ft (2024)
• Jayalakshmi Nagar: Rs 2,450 per sq.ft (2024)
• Kamakshi / Rajalingam Nagar: Rs 2,450 per sq.ft (2024)
• Govindaraj Nagar: Rs 2,450 per sq.ft (2024)
• Kavari Nagar: Rs 2,650 per sq.ft (2024)
• Gangai Amman Koil Street: Rs 2,450 per sq.ft (2024)

Stamp duty and registration fee for property in Jothi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,450 per sq.ft, the total guideline value would be Rs 24,50,000. The stamp duty at 7% would amount to Rs 1,71,500, while the registration fee at 2% would be Rs 49,000. Therefore, the total cost for stamp duty and registration would be Rs 2,20,500. 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?

The Sub Registrar Office that covers Jothi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Moulivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value, as it can influence the overall costs associated with the transaction. The registration process requires that these fees be paid based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Jothi Nagar?

The current guideline value of Jothi Nagar is Rs 2,450 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2003 to Rs 2,450 per sq.ft in 2024, representing an overall increase of 880% over this period.

What are the stamp duty and registration fees for property in Jothi Nagar?

For a property valued at Rs 24,50,000, the stamp duty would be Rs 1,71,500 and the registration fee would be Rs 49,000, totaling Rs 2,20,500.

Which Sub Registrar Office covers Jothi Nagar?

The Kunrathur Sub Registrar Office covers Jothi Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the land classification of Jothi Nagar?

Jothi Nagar is classified as Residential Special Type - I, indicating its designation for residential purposes within the area.