Guideline Value for Jothi Nagar

Jothi Nagar guideline value

The current guideline value of Jothi Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Jothi Nagar has changed

The guideline value for Jothi Nagar has undergone several revisions over the years. The earliest recorded revision in 2017 set the value at Rs 804 per sq.ft. This figure increased to Rs 1,200 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 has further increased the guideline value to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 62%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, positioning Jothi Nagar's 2024 figure below this median.

• Jothi Nagar Extention (Ward 29): Rs 1,300 per sq.ft (2024)
• John Vasu st ( Ward No.4): Rs 1,300 per sq.ft (2024)
• Jothi Nagar, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• John Vasu st extn. ( Ward No.4): Rs 1,300 per sq.ft (2024)
• Jothi Nagar (Ward-29): Rs 1,300 per sq.ft (2024)
• Jothiramalingam Nagar (Kuthira Kuthi Thazai): Rs 1,300 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 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total charges to Rs 1,17,000. 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 precise calculations.

Which Sub Registrar Office covers Jothi Nagar?

The Jothi Nagar area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Madhavaram. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, this value is used to calculate the stamp duty and registration fees, which are essential for the legal transfer of ownership.

During registration, the guideline value ensures that the government receives appropriate revenue from property transactions. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Jothi Nagar?

The current guideline value of Jothi Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 62% over this period.

What is the stamp duty rate for properties in Jothi Nagar?

The stamp duty rate for properties in Jothi Nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the purpose of the guideline value?

The guideline value is used to determine the minimum price for property registration and to calculate the stamp duty and registration fees during property transactions.