Guideline Value for NEHRU NAGAR

Nehru Nagar guideline value

The current guideline value of Nehru Nagar, located in Karunilam village under the Chengleput Joint II SRO, is Rs 500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Nehru Nagar has changed

Over the years, the guideline value of Nehru Nagar has seen several revisions. The 2012 revision set the value at Rs 500 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 500 per sq.ft. The 2017 revision marked a decrease to Rs 335 per sq.ft, a 33% drop from the 2012 figure. From 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 500 per sq.ft.

The most recent 2024 revision maintains the guideline value at Rs 500 per sq.ft, reflecting no change from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karunilam

In Karunilam, there are 35 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 1,200 per sq.ft, with a median value of Rs 501 per sq.ft. The guideline value of Nehru Nagar is below this median.

• Nehru Nagar Phase-IV: Rs 500 per sq.ft (2024)
• Mgm Nagar: Rs 700 per sq.ft (2024)
• Metro Prasana Garden Phase -II: Rs 500 per sq.ft (2024)
• Metro Prasana Garden House Site Scheme: Rs 700 per sq.ft (2024)
• Metro Elite Home: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - V: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty, charged at 7%, amounts to Rs 35,000, while the registration fee at 2% totals Rs 10,000. Together, the total cost for stamp duty and registration fee would be Rs 45,000. It's 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 more details.

Which Sub Registrar Office covers Nehru Nagar?

Nehru Nagar falls under the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO online for further assistance.

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

The guideline value plays a crucial role during property transactions in Karunilam. It is used to determine the stamp duty and registration fees applicable to the property being bought or sold. Buyers must be aware that the guideline value will influence the overall cost of acquiring property in this area.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate dealings. This value is essential for both buyers and sellers to understand their obligations regarding fees and taxes.

Frequently asked questions

What is the current guideline value of Nehru Nagar?

The current guideline value of Nehru Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft from 2012 to 2024, with a decrease to Rs 335 per sq.ft in 2017 and a return to Rs 500 per sq.ft in 2023.

What are the other streets in Karunilam and their guideline values?

Other streets in Karunilam include Nehru Nagar Phase-IV, Mgm Nagar, Metro Prasana Garden Phase -II, Metro Prasana Garden House Site Scheme, Metro Elite Home, and Mahalakshmi Nagar Phase - V, with values ranging from Rs 500 to Rs 700 per sq.ft.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 5,00,000, the total fees would amount to Rs 45,000.

Which Sub Registrar Office covers Nehru Nagar?

The Chengleput Joint II Sub Registrar Office covers Nehru Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.