Guideline Value for Markandaiyan Street (Jawahar Nagar)

Markandaiyan Street (Jawahar Nagar) guideline value

The current guideline value of Markandaiyan Street (Jawahar Nagar) is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Markandaiyan Street (Jawahar Nagar) has changed

Over the years, the guideline value for Markandaiyan Street has seen several revisions. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased to Rs 2,200 per sq.ft in 2012. However, there was a significant drop to Rs 1,474 per sq.ft in 2017. The value then rose sharply to Rs 2,200 per sq.ft in 2023, followed by the current figure of Rs 2,400 per sq.ft from the 2024 revision.

The changes between revisions are notable. From 2007 to 2012, the value increased by 120%, but then it decreased by 33% from 2012 to 2017. Following that, there was a substantial increase of 49% from 2017 to 2023, and a further increase of 9% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 140%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median guideline value in this area is Rs 3,301 per sq.ft, placing Markandaiyan Street's current value below this median.

• Markanda Naicken Street: Rs 2,400 per sq.ft (2024)
• Manavalan Street (Vetri Nagar Extension): Rs 3,301 per sq.ft (2024)
• Manavalan 2nd Cross Street (Vetri Nagar Extension): Rs 2,700 per sq.ft (2024)
• Manavalan 1st Cross Street (Vetri Nagar Extension): Rs 2,700 per sq.ft (2024)
• Manavalam Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Meri Helan Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Markandaiyan Street (Jawahar Nagar)

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

Which Sub Registrar Office covers Markandaiyan Street (Jawahar Nagar)?

The Sub Registrar Office that covers Markandaiyan Street (Jawahar Nagar) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Peravallur. It is used to determine the stamp duty and registration fees that buyers and sellers must pay when completing a sale. This ensures that the transaction is recorded accurately in accordance with the prevailing rates set by the government.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall cost of the transaction. Buyers should ensure they understand the implications of the guideline value on their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Markandaiyan Street (Jawahar Nagar)?

The current guideline value of Markandaiyan Street (Jawahar Nagar) 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 significantly, starting from Rs 1,000 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Markandaiyan Street?

The land classification for Markandaiyan Street (Jawahar Nagar) is Residential Class I Type - II.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Markandaiyan Street?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property with a guideline value of Rs 24,00,000, the stamp duty at 7% would be Rs 1,68,000.