Guideline Value for West Jones Road

West Jones Road guideline value

The current guideline value of West Jones Road is Rs 7,000 per sq.ft, effective from 1 July 2024. This road is located in Kodambakkam village, under the Ashok Nagar SRO, and is classified as Residential Special Type - III.

How the guideline value of West Jones Road has changed

Over the years, the guideline value of West Jones Road has seen significant changes. In the 2007 revision, the value was Rs 1,500 per sq.ft, which increased to Rs 6,500 per sq.ft in 2012. However, it then decreased by 33% to Rs 4,355 per sq.ft in the 2017 revision. The value rose sharply to Rs 6,500 per sq.ft in the 2023 revision, and finally, it has reached Rs 7,000 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

Notably, there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 367%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing West Jones Road's current figure above this median.

• V.V. Giri Street: Rs 3,300 per sq.ft (2024)
• V.P. Arunachalam Street (Nesapakkam): Rs 2,200 per sq.ft (2024)
• V.P. Akilan Street: Rs 3,300 per sq.ft (2024)
• Yesunathar Koil Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Street (V.O.C) (JPT): Rs 4,100 per sq.ft (2024)
• V.O.C. Street (M.G.R. Nagar): 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 7,000 per sq.ft, the total guideline value amounts to Rs 70,00,000. The stamp duty at 7% would be Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, bringing the total fees to Rs 6,30,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the 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 Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Kodambakkam. It is used to calculate the stamp duty and registration fees that are payable when a property is bought or sold. Buyers and sellers must refer to the guideline value to ensure compliance with legal requirements during registration.

When registering a property, the guideline value is considered to determine the amount of tax payable. This ensures that the transaction is recorded accurately and that the appropriate fees are collected by the government.

Frequently asked questions

What is the current guideline value of West Jones Road?

The current guideline value of West Jones Road is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 7,000 per sq.ft in 2024, reflecting an overall increase of 367% over this period.

What is the land classification for West Jones Road?

West Jones Road is classified as Residential Special Type - III, indicating its designated use for residential purposes.

Where can I find the Ashok Nagar Sub Registrar Office?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties in West Jones Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 70,00,000 would incur a stamp duty of Rs 4,90,000 at a rate of 7%.