Guideline Value for Mothilal Nehru Street

Mothilal Nehru Street guideline value

The current guideline value of Mothilal Nehru Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO, classified as Residential Class IV Type - I.

How the guideline value of Mothilal Nehru Street has changed

The guideline value of Mothilal Nehru Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,700 per sq.ft, an increase from Rs 2,500 per sq.ft in 2023, reflecting an 8% rise. Prior to that, the value was Rs 1,675 per sq.ft in 2017, marking a significant increase of 49% from the previous revision in 2023. The 2012 revision had set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from Rs 800 per sq.ft in 2007. The register has no figures for the years 2002 and 2003.

Overall, from the 2007 revision to the current 2024 figure, there has been a substantial increase of 238%. The value in 2007 was Rs 800 per sq.ft, which rose to Rs 2,700 per sq.ft in 2024, demonstrating significant changes in the guideline value over the years.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO, with guideline values ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 4,800 per sq.ft, indicating that Mothilal Nehru Street's 2024 figure of Rs 2,700 per sq.ft is below this median.

• Mothilal Street: Rs 2,700 per sq.ft (2024)
• Mosque Street: Rs 3,300 per sq.ft (2024)
• Munusamy Street: Rs 4,800 per sq.ft (2024)
• Muthugramani Street: Rs 6,000 per sq.ft (2024)
• Nabhikhan Subedhar Street: Rs 6,000 per sq.ft (2024)
• Mekpor Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mothilal Nehru Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mothilal Nehru Street?

The Sub Registrar Office that covers Mothilal Nehru Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vepery. It is used to determine the stamp duty and registration fees applicable for the transaction, ensuring that both parties are aware of the financial obligations involved.

When a property is registered, the guideline value or the sale price is considered, whichever is higher. This ensures that the government receives the appropriate fees based on the market conditions reflected in the guideline values.

Frequently asked questions

What is the current guideline value of Mothilal Nehru Street?

The current guideline value of Mothilal Nehru Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, with the most recent increase of 8% from Rs 2,500 per sq.ft in 2023. Overall, from 2007 to 2024, there has been an increase of 238% from Rs 800 per sq.ft to Rs 2,700 per sq.ft.

What is the median guideline value in Vepery?

The median guideline value in Vepery is Rs 4,800 per sq.ft, indicating that Mothilal Nehru Street's current value is below this median.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is currently set at 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2% applicable.

Where can I find more information about my Sub Registrar Office?

You can find more information about your Sub Registrar Office by visiting the Periamet Sub Registrar Office located at 1103, Poonamallee High Road, Chennai-600 003, or by using the find your SRO link.