Guideline Value for NEHRU NAGAR

Nehru Nagar guideline value

The current guideline value of Nehru Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Chemmancheri village under the Neelankarai SRO, classified as Residential Class I Type - II.

How the guideline value of Nehru Nagar has changed

Over the years, the guideline value for Nehru Nagar has seen significant changes. In 2003, the guideline value was Rs 87 per sq.ft, which increased to Rs 300 per sq.ft in 2007. Following this, the value surged to Rs 3,000 per sq.ft in 2012, then decreased to Rs 2,010 per sq.ft in 2017. The value rose again to Rs 3,000 per sq.ft in 2023, before reaching the current rate of Rs 3,300 per sq.ft in 2024.

To summarize the changes: from 2003 to 2007, there was an increase of 245%; from 2007 to 2012, a decrease of 33%; from 2012 to 2017, an increase of 49%; and from 2023 to 2024, a rise of 10%. Overall, from 2003 to 2024, the guideline value has increased by 3693%. The register has no figure for the year 2002 for this street.

Guideline values in Chemmancheri

In Chemmancheri village, there are 195 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value is Rs 1,700 per sq.ft, placing Nehru Nagar's current value above this median.

• Nedunzhian Street: Rs 2,800 per sq.ft (2024)
• Nedunchezhian Road: Rs 2,800 per sq.ft (2024)
• Nazimunnissa Garden: Rs 1,700 per sq.ft (2024)
• Nehru Street: Rs 3,300 per sq.ft (2024)
• Nasin Ghoose Garden: Rs 3,300 per sq.ft (2024)
• Nandagopal Garden: Rs 1,100 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 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar?

The Neelankarai Sub Registrar Office covers Nehru Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. You can find your SRO for more details.

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

The guideline value is an essential factor during the registration of property transactions in Chemmancheri. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration norms and to avoid any legal complications.

Frequently asked questions

What is the current guideline value of Nehru Nagar?

The current guideline value of Nehru Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 87 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 3693% over this period.

What is the registration fee for property in Nehru Nagar?

The registration fee is 2% of the guideline value. For a property valued at Rs 33,00,000, the registration fee would be Rs 66,000.

Where is the Neelankarai Sub Registrar Office located?

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

How is the stamp duty calculated for property transactions?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000.