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 street falls under the Chennai South Joint II SRO and is classified as Commercial Class I Type - II.

How the guideline value of West Jones Road has changed

The guideline value for West Jones Road has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 782 per sq.ft. In 2003, it increased to Rs 979 per sq.ft, marking a 25% rise. The 2007 revision saw a significant jump to Rs 2,500 per sq.ft, which was a 155% increase. The value then rose to Rs 7,500 per sq.ft in the 2012 revision, reflecting a 200% increase from the previous figure. However, in the 2017 revision, the value decreased to Rs 5,025 per sq.ft, a decline of 33%. The 2023 revision brought it back up to Rs 7,500 per sq.ft, and the most recent 2024 revision has set it at Rs 8,250 per sq.ft, an increase of 10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by a remarkable 955%. There are no figures available for the revisions from other years for this street.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing West Jones Road's 2024 figure above this median.

• West Tank View Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Vinayagam Pettai Street: Rs 6,050 per sq.ft (2024)
• Vinayagam Koil Street: Rs 4,400 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 rate of Rs 8,250 per sq.ft, the guideline value amounts to 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, bringing the total to Rs 7,42,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers West Jones Road?

The Sub Registrar Office that covers West Jones Road is the Chennai South Joint II 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 information.

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

The guideline value is a crucial factor when registering property transactions in Saidapet. It serves as a benchmark for the minimum value at which properties can be registered, ensuring compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the necessary taxes are paid based on the guideline value or the sale price, whichever is higher.

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 has the guideline value changed over the years?

The guideline value has increased from Rs 782 per sq.ft in 2002 to Rs 8,250 per sq.ft in 2024, reflecting an overall increase of 955% over this period.

What is the land classification for West Jones Road?

West Jones Road is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

What are the stamp duty rates for properties in West Jones Road?

The stamp duty for properties in West Jones Road is charged at 7% of the guideline value or sale price, whichever is higher.

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.