Guideline Value for WEST JONES ROAD

West Jones Road guideline value

The current guideline value of West Jones Road, located in Saidapet village, is Rs 8,250 per sq.ft, effective from 1 July 2024. This property falls under the Chennai South Joint I SRO and is classified as Commercial Class I Type - I.

How the guideline value of West Jones Road has changed

The guideline value for West Jones Road has seen significant changes over the years. In 2002, the value was Rs 935 per sq.ft, which increased to Rs 1,100 per sq.ft in 2003, marking an 18% rise. By 2007, the value had risen to Rs 1,200 per sq.ft, reflecting a 9% increase. The value then experienced a substantial jump to Rs 7,500 per sq.ft in 2012, a 525% increase from the previous revision. However, it decreased to Rs 5,025 per sq.ft in 2017, a decline of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 7,500 per sq.ft, representing a 49% rise. The most recent revision in 2024 set the value at Rs 8,250 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 782%.

Guideline values in Saidapet

In Saidapet, 52 streets under the Chennai South Joint I SRO have a 2024 guideline value ranging from Rs 2,750 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. West Jones Road's 2024 guideline value is notably above this median.

• West Mambalam Karunanithi Cross Street: Rs 2,750 per sq.ft (2024)
• Visaka Garden Street: Rs 4,400 per sq.ft (2024)
• Vinayagar Koil Street: Rs 3,300 per sq.ft (2024)
• Vijayarangam Chetty Street: Rs 3,300 per sq.ft (2024)
• Vijayaragavalu Chetty Street: Rs 3,300 per sq.ft (2024)
• Venugopal Chetty Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in West Jones Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,250 per sq.ft, the total guideline value would be Rs 82,50,000. The stamp duty at 7% would be Rs 5,77,500, and the registration fee at 2% would be Rs 1,65,000, resulting in a total of Rs 7,42,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers West Jones Road?

The Sub Registrar Office that covers West Jones Road is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is an essential factor in the registration process when buying or selling property in Saidapet. It serves as a benchmark for determining the applicable stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is documented at a fair value, reflecting the prevailing rates in the area. This process helps maintain transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of West Jones Road?

The current guideline value of West Jones Road is Rs 8,250 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 935 per sq.ft to Rs 8,250 per sq.ft in 2024, marking an overall increase of 782%.

What is the land classification of West Jones Road?

West Jones Road is classified as Commercial Class I Type - I under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for property in West Jones Road?

For a property valued at Rs 82,50,000, the stamp duty would be Rs 5,77,500, and the registration fee would be Rs 1,65,000, totaling Rs 7,42,500.

Where is the Sub Registrar Office for West Jones Road located?

The Sub Registrar Office for West Jones Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.