Guideline Value for NEHRU NAGAR 1ST (CROSS) STREET

Nehru Nagar 1st (Cross) Street guideline value

The current guideline value of Nehru Nagar 1st (Cross) Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Perungudi village under the Neelankarai SRO, and it is classified as Residential Special Type - IV.

How the guideline value of Nehru Nagar 1st (Cross) Street has changed

The guideline value for Nehru Nagar 1st (Cross) Street has seen several revisions over the years. In the 2007 revision, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in the 2012 revision. However, it decreased to Rs 3,350 per sq.ft in the 2017 revision. The 2023 revision marked a rise to Rs 5,000 per sq.ft, and the most recent 2024 revision set the current value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2007 to 2012 was notable at 233%, but the value then decreased by 33% from 2012 to 2017. Overall, from 2007 to 2024, the guideline value has increased by 267%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Perungudi

In Perungudi village, there are 249 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median of Rs 3,300 per sq.ft. Nehru Nagar 1st (Cross) Street's 2024 figure of Rs 5,500 per sq.ft is above this median.

• Nehru Nagar 1st Extension: Rs 6,600 per sq.ft (2024)
• Nehru Nagar 1st Link Road: Rs 5,500 per sq.ft (2024)
• Nehru Nagar 1st Main Road: Rs 6,600 per sq.ft (2024)
• Nehru Nagar: Rs 5,500 per sq.ft (2024)
• Nehru Nagar 2nd (Cross) Street: Rs 5,500 per sq.ft (2024)
• Nehru Nagar 2nd Extension: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar 1st (Cross) Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar 1st (Cross) Street?

The Neelankarai Sub Registrar Office covers Nehru Nagar 1st (Cross) Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process for property transactions in Perungudi. It determines the minimum value at which a property can be registered, impacting the stamp duty and registration fees payable by the buyer.

When buying or selling property, the guideline value ensures transparency and helps in assessing the fair value of the property based on the prevailing rates in the area. This value is crucial for both buyers and sellers to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Nehru Nagar 1st (Cross) Street?

The current guideline value of Nehru Nagar 1st (Cross) Street is Rs 5,500 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 5,500 per sq.ft in 2024, showing an overall increase of 267% over the years.

What is the land classification for Nehru Nagar 1st (Cross) Street?

Nehru Nagar 1st (Cross) Street is classified as Residential Special Type - IV.

Where can I find the Sub Registrar Office for this area?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Nehru Nagar 1st (Cross) Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at 7%.