Guideline Value for Jothi Venkatachalam Nagar 2nd Street

Jothi Venkatachalam Nagar 2nd Street guideline value

The current guideline value of Jothi Venkatachalam Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Jothi Venkatachalam Nagar 2nd Street has changed

Looking back at the revisions, the guideline value for Jothi Venkatachalam Nagar 2nd Street was Rs 2,500 per sq.ft in 2023, indicating a 10% increase to the current figure of Rs 2,750 per sq.ft in 2024. Prior to that, the value was Rs 1,675 per sq.ft in 2017, which shows a significant increase of 49% over the six-year period leading up to 2023. The 2012 revision had a value of Rs 2,500 per sq.ft, reflecting a decrease of 33% to the 2017 figure.

There are no recorded guideline values for Jothi Venkatachalam Nagar 2nd Street in the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO with a 2024 guideline value range from Rs 1,100 to Rs 6,000 per sq.ft. The median value is Rs 2,400 per sq.ft, making Jothi Venkatachalam Nagar 2nd Street's current value above the median.

• Jothi Venkatachalam Nagar 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Jothi Venkatachalam Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Jothi Venkatachalam Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Jothi Venkatachalam Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Jothi Venkatachalam Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Jothi Venkatachalam Nagar 4th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Jothi Venkatachalam Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Jothi Venkatachalam Nagar 2nd Street?

The Jothi Venkatachalam Nagar 2nd 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 plays a crucial role during the registration of property transactions in Madambakkam. It serves as the basis for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, it is essential to be aware of the guideline value, as it may influence the final sale price and the associated costs. Buyers should ensure that they are informed about the current guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Jothi Venkatachalam Nagar 2nd Street?

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

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase from 2012 to 2024 and a 49% increase from 2017 to 2023.

What are the other streets in Madambakkam with the same guideline value?

Other streets in Madambakkam that share the same guideline value of Rs 2,750 per sq.ft include Jothi Venkatachalam Nagar 2nd Main Road, 3rd Cross Street, 2nd Cross Street, 3rd Street, 1st Street, and 4th Street.

How is stamp duty calculated for properties in Jothi Venkatachalam Nagar 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value results in a total stamp duty of Rs 1,92,500 at a rate of 7%.

Where can I find my Sub Registrar Office?

The Sub Registrar Office covering Jothi Venkatachalam Nagar 2nd Street is the Selaiyur Sub Registrar Office. You can find more information about your SRO by following the provided link.