Guideline Value for NEHRU NAGAR

Nehru Nagar guideline value

The current guideline value of Nehru Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Nehru Nagar has changed

The guideline value of Nehru Nagar has undergone several revisions over the years. Starting from Rs 83 per sq.ft in 2002, it increased to Rs 100 per sq.ft in 2003, marking a 20% rise. The value saw a substantial jump to Rs 400 per sq.ft in 2007, representing a 300% increase. It remained at Rs 400 per sq.ft until the next revision in 2012, where it was unchanged at Rs 1,500 per sq.ft. The 2023 revision also maintained this figure, but in 2024, the guideline value rose to Rs 1,650 per sq.ft, reflecting a 10% increase.

There is no figure available for the 2017 revision for this street. Overall, the guideline value has increased by 1888% from 2002 to 2024.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO with a guideline value for 2024 ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current value of Nehru Nagar.

• Neelavathy Nagar (Neela Nagar): Rs 2,750 per sq.ft (2024)
• Nehru Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Nehru Street: Rs 1,650 per sq.ft (2024)
• Nethaji Street: Rs 1,650 per sq.ft (2024)
• Narayanapuram Erikarai Salai: Rs 2,420 per sq.ft (2024)
• Narayanapuram: Rs 2,750 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, leading to a total of Rs 1,48,500. It is important to note that the stamp 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 details.

Which Sub Registrar Office covers Nehru Nagar?

Nehru Nagar falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that are payable when buying or selling property.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that the transaction is registered at a value that reflects the official rates set by the government. This helps maintain transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of Nehru Nagar?

The current guideline value of Nehru Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 83 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 1888% over the years.

What is the stamp duty for property in Nehru Nagar?

The stamp duty for property in Nehru Nagar is 7% of the guideline value or sale price, whichever is higher. For a plot valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500.

Which office handles registrations for Nehru Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Nehru Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What are the other streets in Pallikaranai with similar guideline values?

Other streets in Pallikaranai under the Chennai South Joint I SRO have guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. Notably, Nehru Nagar shares its 2024 guideline value with Nehru Nagar Extn., Nehru Street, and Nethaji Street, all valued at Rs 1,650 per sq.ft.