Guideline Value for NEHRU NAGAR FIRST STREET

Nehru Nagar First Street guideline value

The current guideline value of Nehru Nagar First Street is Rs 3,850 per sq.ft. This street is located in Issa Pallavaram village, under the Pallavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Nehru Nagar First Street has changed

The guideline value for Nehru Nagar First Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 3,500 per sq.ft. This was followed by a decrease in 2017, bringing the value down to Rs 2,345 per sq.ft. However, from 2017 to 2023, the value saw a significant increase of 49%, reaching Rs 3,500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for Nehru Nagar First Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing Nehru Nagar First Street's current value above this median.

• Nehru Street: Rs 2,750 per sq.ft (2024)
• Narayanaswamy Street: Rs 2,200 per sq.ft (2024)
• Narayanaswamy 2nd Street: Rs 2,200 per sq.ft (2024)
• Narayanaswamy 1st Street: Rs 2,200 per sq.ft (2024)
• New Colony: Rs 3,850 per sq.ft (2024)
• New Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar First Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar First Street?

The Sub Registrar Office covering Nehru Nagar First Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Issa Pallavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both buyers and sellers comply with the legal requirements. This value is essential for maintaining transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Nehru Nagar First Street?

The current guideline value of Nehru Nagar First Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase. It was previously Rs 2,345 per sq.ft in 2017, showing a 49% increase from that year to 2023.

What is the land classification for Nehru Nagar First Street?

Nehru Nagar First Street is classified as Residential Class I Type - I, indicating its designation for residential purposes under the local regulations.

Where can I find the Sub Registrar Office for Nehru Nagar First Street?

The Sub Registrar Office for Nehru Nagar First Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044. This office serves the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Nehru Nagar First Street?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.