Guideline Value for NEHRU STREET IST LANE

Nehru Street Ist Lane guideline value

The current guideline value of Nehru Street Ist Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village, under the Kodambakkam SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Nehru Street Ist Lane has changed

The guideline value for Nehru Street Ist Lane has seen significant changes over the years. In the 2007 revision, the guideline value was Rs 850 per sq.ft. This increased dramatically to Rs 4,000 per sq.ft in the 2012 revision, marking a rise of 371%. However, in the 2017 revision, the value decreased to Rs 2,680 per sq.ft, reflecting a drop of 33%. The value then increased to Rs 4,000 per sq.ft in 2023, followed by a further increase to Rs 4,400 per sq.ft in the 2024 revision, which is a 10% rise from the previous year. Notably, the register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 value, there has been a substantial increase of 418% in the guideline value per sq.ft.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value is Rs 6,000 per sq.ft, which means that the 2024 guideline value of Nehru Street Ist Lane is below this median.

• Nehru Street: Rs 5,000 per sq.ft (2024)
• Nehru Nagar: Rs 4,400 per sq.ft (2024)
• Nethaji Street: Rs 3,300 per sq.ft (2024)
• Natarajapuram Street: Rs 4,400 per sq.ft (2024)
• New Natarajapuram Street: Rs 5,000 per sq.ft (2024)
• New Street, Sri Sakthi Nagar: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Street Ist Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total 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, bringing the total fees together to Rs 3,96,000. It is essential to note that the 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 more details.

Which Sub Registrar Office covers Nehru Street Ist Lane?

The Sub Registrar Office that covers Nehru Street Ist Lane is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Arumbakkam. 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 compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nehru Street Ist Lane?

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

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 850 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, which is an overall increase of 418%.

What is the classification of Nehru Street Ist Lane?

Nehru Street Ist Lane is classified as Residential Class IV Type - II under the Kodambakkam SRO.

What are the stamp duty and registration fees for property in Nehru Street Ist Lane?

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 Street Ist Lane located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.