Guideline Value for NEHRU NAGAR

Nehru Nagar guideline value

The current guideline value of Nehru Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Ramapuram village under the Chennai South Joint II SRO, classified as Residential Special Type - I.

How the guideline value of Nehru Nagar has changed

The guideline value for Nehru Nagar has undergone several revisions over the years. In 2002, the value was Rs 349 per sq.ft, which increased to Rs 432 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,100 per sq.ft in 2007, marking a 155% increase. The value then saw a substantial jump to Rs 4,000 per sq.ft in 2012, reflecting a 264% increase. However, it decreased to Rs 2,680 per sq.ft in 2017, a decline of 33%. The next revision in 2023 set the value at Rs 4,000 per sq.ft, followed by the current rate of Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1161%. The register has no figures for the years not mentioned in the revisions above.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with a median value of Rs 3,100 per sq.ft. Nehru Nagar's 2024 figure is above this median.

• Nehru Street: Rs 4,400 per sq.ft (2024)
• Natesan Nagar (Sathiya Sivan Street): Rs 2,750 per sq.ft (2024)
• Natesa Nagar 2nd Lane: Rs 2,750 per sq.ft (2024)
• Natesa Nagar 1 to 6 Street: Rs 2,750 per sq.ft (2024)
• Natesa Nagar 1st Lane: Rs 2,750 per sq.ft (2024)
• Natchatira Street: Rs 1,950 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Nehru Nagar?

The Sub Registrar Office covering Nehru Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions within Ramapuram. It serves as a benchmark for determining the minimum price at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction and helps streamline the registration process.

Frequently asked questions

What is the current guideline value of Nehru Nagar?

The current guideline value of Nehru Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 349 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking a significant overall increase of 1161% over the years.

What is the land classification for Nehru Nagar?

Nehru Nagar is classified as Residential Special Type - I, indicating its designation for residential purposes.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Nehru Nagar located?

The Sub Registrar Office for Nehru Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.