Guideline Value for Joy Nagar 2nd Street

Joy Nagar 2nd Street guideline value

The current guideline value of Joy Nagar 2nd Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Joy Nagar 2nd Street has changed

The guideline value for Joy Nagar 2nd Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,200 per sq.ft, which was a decrease of 33% from the 2017 revision, where it was Rs 1,474 per sq.ft. The value remained at Rs 2,200 per sq.ft until the 2023 revision, which increased it to Rs 2,200 per sq.ft. The 2024 revision has further increased the value to Rs 2,400 per sq.ft, marking a 9% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 9%. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, which is equal to the current guideline value of Joy Nagar 2nd Street.

• Joy Nagar 1st Street: Rs 2,400 per sq.ft (2024)
• Joy Nagar 3rd Street: Rs 2,400 per sq.ft (2024)
• Joy Nagar Main Road: Rs 2,400 per sq.ft (2024)
• Joy Nagar: Rs 2,400 per sq.ft (2024)
• Jothi Venkatadchalam Nagar 3rd Main Road: Rs 2,750 per sq.ft (2024)
• Jothi Venkatachalam Nagar Main Road: Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total fees to Rs 2,16,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Joy Nagar 2nd Street?

The Sub Registrar Office that covers Joy Nagar 2nd Street is 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 is a crucial factor in the registration process when buying or selling property in Madambakkam. It determines the amount of stamp duty and registration fees that are applicable, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value helps ensure that the transaction is documented at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

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

The current guideline value of Joy Nagar 2nd Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2023 to Rs 2,400 per sq.ft in 2024, an increase of 9%. It was Rs 1,474 per sq.ft in 2017, showing a 49% increase to 2023.

What are the stamp duty and registration fees for property in Joy Nagar 2nd Street?

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 24,00,000. The stamp duty would be Rs 1,68,000 and the registration fee would be Rs 48,000, totaling Rs 2,16,000.

Which Sub Registrar Office covers Joy Nagar 2nd Street?

The Selaiyur Sub Registrar Office covers Joy Nagar 2nd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Joy Nagar 2nd Street?

The land classification for Joy Nagar 2nd Street is Commercial Class I Type - II, indicating its suitability for commercial activities.