Guideline Value for NEHRU NAGAR (SLUM BOARD NEAR BURIAL GROUND)

Nehru Nagar (Slum Board Near Burial Ground) guideline value

The current guideline value for Nehru Nagar (Slum Board Near Burial Ground) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Villivakkam village, under the Villivakkam SRO, and is classified as Residential Class V Type - I.

How the guideline value of Nehru Nagar (Slum Board Near Burial Ground) has changed

The guideline value for Nehru Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 345 per sq.ft. This increased to Rs 395 per sq.ft in 2003, followed by a significant rise to Rs 750 per sq.ft in 2007. The value then jumped to Rs 2,000 per sq.ft in the 2012 revision, before dropping to Rs 1,340 per sq.ft in 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, and the most recent revision in 2024 has increased it to Rs 2,200 per sq.ft.

In terms of changes, from 2002 to 2024, there has been an overall increase of 538%. The most notable changes include a rise of 167% from 2007 to 2012 and a 49% increase from 2017 to 2023. The guideline value increased by 10% from 2023 to 2024.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, placing Nehru Nagar's 2024 figure below this median.

• New Avadi Road: Rs 4,400 per sq.ft (2024)
• Navalar Nagar: Rs 6,000 per sq.ft (2024)
• North Main Road: Rs 12,100 per sq.ft (2024)
• N.R.N.Avenue: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony 1st Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar (Slum Board Near Burial Ground)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total charges to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nehru Nagar (Slum Board Near Burial Ground)?

The Sub Registrar Office that covers Nehru Nagar is the Villivakkam 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 Villivakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Villivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted at a fair value as per the government regulations.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value for Nehru Nagar?

The current guideline value for Nehru Nagar (Slum Board Near Burial Ground) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 345 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 538% over this period.

What are the stamp duty and registration fees for property in Nehru Nagar?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Nehru Nagar?

The Villivakkam Sub Registrar Office covers Nehru Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the median guideline value for streets in Villivakkam?

The median guideline value for streets in Villivakkam is Rs 4,900 per sq.ft, with Nehru Nagar's value being below this median at Rs 2,200 per sq.ft.