Guideline Value for Jothi Nagar

Jothi Nagar guideline value

The current guideline value of Jothi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class V Type - I.

How the guideline value of Jothi Nagar has changed

The guideline value for Jothi Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 81 per sq.ft, which increased to Rs 89 per sq.ft in 2003. Following this, the value rose significantly to Rs 300 per sq.ft in 2007, and then saw a substantial increase to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017, before climbing back to Rs 2,000 per sq.ft in 2023, and finally reaching Rs 2,200 per sq.ft in 2024.

The changes between these revisions highlight the fluctuations in the guideline value. From 2002 to 2003, there was a 10% increase. The value surged by 237% from 2003 to 2007, followed by a massive 567% jump from 2007 to 2012. The value then fell by 33% from 2012 to 2017. After that, it increased by 49% from 2017 to 2023, and finally, there was a 10% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 2,616%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, placing Jothi Nagar's 2024 figure below that median.

• Kadampati Amman Koil Street: Rs 2,750 per sq.ft (2024)
• Janaki Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Janaki Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Janaki Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Janaki Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Janaki Nagar 3rd Cross Street: Rs 2,200 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 2,200 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, resulting in a total of 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?

The Sub Registrar Office that covers Jothi Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Maduravoyal. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation set by the government.

It is essential for buyers and sellers to be aware of the guideline value, as it affects the overall cost of property transactions. The registration process requires that the property be valued according to the guideline value, which is updated periodically to reflect changes in the real estate market.

Frequently asked questions

What is the current guideline value of Jothi Nagar?

The current guideline value of Jothi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 81 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2,616%.

What is the role of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that these costs are calculated based on the official valuation.

Where is the Sub Registrar Office for Jothi Nagar located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the guideline values of other streets in Maduravoyal?

Other streets in Maduravoyal have varying guideline values, with rates ranging from Rs 2,200 to Rs 6,050 per sq.ft. For example, Kadampati Amman Koil Street has a guideline value of Rs 2,750 per sq.ft in 2024.