Guideline Value for NEHRU STREET

Nehru Street guideline value

The current guideline value of Nehru Street, located in Medavakkam village, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Nehru Street has changed

Over the years, the guideline value of Nehru Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following that, the value increased to Rs 2,000 per sq.ft in 2023, and most recently, it has been revised to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year. It is important to note that the register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. Nehru Street's 2024 guideline value aligns with this median.

• Nethaji Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Neela Nagar Extension: Rs 2,750 per sq.ft (2024)
• Neela Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nehru Street?

Nehru Street is covered by 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. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Medavakkam, as it determines the minimum value at which a property can be registered. Buyers must pay stamp duty and registration fees based on this guideline value, which is assessed at the time of registration.

When a property is sold, the seller and buyer must ensure that the sale price is at least equal to the guideline value to avoid any legal complications. This ensures transparency and helps in maintaining a fair valuation during property transactions.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase of 10% from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. It was Rs 1,340 per sq.ft in 2017 and Rs 2,000 per sq.ft in 2012.

What is the land classification of Nehru Street?

Nehru Street is classified as Residential Class I Type - I under the Chennai South Joint I SRO.

Where can I find the registration office for Nehru Street?

The registration office for Nehru Street is 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.

How is the stamp duty calculated for property in Nehru Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 2,200 per sq.ft would incur a stamp duty of Rs 1,54,000.