Guideline Value for Jothiramalingam Street

Jothiramalingam Street guideline value

The current guideline value of Jothiramalingam Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO and is classified as Residential Class II Type - I.

How the guideline value of Jothiramalingam Street has changed

In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 saw the guideline value rise further to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from 2017 to 2024, the guideline value has increased by 64%. The current value of Rs 2,200 per sq.ft is below the median guideline value of Rs 2,750 per sq.ft for other streets in Madipakkam-1, which range from Rs 1,650 to Rs 5,500 per sq.ft as per the 2024 revision.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with a 2024 guideline value range from Rs 1,650 to Rs 5,500 per sq.ft. Jothiramalingam Street's current guideline value is below the median of Rs 2,750 per sq.ft.

• John Street: Rs 1,650 per sq.ft (2024)
• John Nagar: Rs 1,650 per sq.ft (2024)
• J.V. Nagar: Rs 2,750 per sq.ft (2024)
• Kabaleeswarar Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Kabaleeswar Nagar: Rs 1,650 per sq.ft (2024)
• Kaduvetti Vinayagar Koil Street/Kubera Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Jothiramalingam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Jothiramalingam Street?

The Sub Registrar Office that covers Jothiramalingam Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that all transactions are conducted fairly and transparently.

When buying or selling property, the guideline value is considered the minimum value for the transaction. If the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Jothiramalingam Street?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024. This represents an overall increase of 64% over the seven-year period.

What are the stamp duty rates applicable in Jothiramalingam Street?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.

Which office handles property registrations for Jothiramalingam Street?

The Velacheri Sub Registrar Office handles property registrations for Jothiramalingam Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Jothiramalingam Street?

Jothiramalingam Street is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.