Guideline Value for NEHRU STREET

Nehru Street guideline value

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

How the guideline value of Nehru Street has changed

In the 2012 revision, the guideline value was set at Rs 1,500 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 1,650 per sq.ft, marking a 10% increase from the previous year. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

It is important to note that there are no figures available for Nehru Street for the revisions in 2002, 2003, 2007, and 2017. This lack of data means that the only revisions that can be referenced for this street are from 2012, 2023, and 2024.

Guideline values in Pallikaranai

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

• Nehru Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Nehru Nagar: Rs 1,650 per sq.ft (2024)
• Neelavathy Nagar (Neela Nagar): Rs 2,750 per sq.ft (2024)
• Nethaji Street: Rs 1,650 per sq.ft (2024)
• New Balaji Nagar: Rs 1,320 per sq.ft (2024)
• New Colony: Rs 2,200 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 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Street?

The Sub Registrar Office that covers 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. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately and legally.

When a property is sold, the guideline value is used to calculate the applicable fees. Buyers and sellers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nehru Street?

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

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has remained at Rs 1,500 per sq.ft until the 2024 revision, where it increased to Rs 1,650 per sq.ft. This represents a 10% increase from the previous year.

What is the median guideline value in Pallikaranai?

The median guideline value for the 749 streets in Pallikaranai under the Chennai South Joint I SRO is Rs 1,650 per sq.ft, which is the same as the current value for Nehru Street.

What are the stamp duty rates for properties in Nehru Street?

The stamp duty for properties in Nehru Street is charged at 7% of the guideline value or sale price, whichever is higher. This means that for a property valued at Rs 16,50,000, the stamp duty would amount to Rs 1,15,500.

Where can I find the Sub Registrar Office for Nehru Street?

The Sub Registrar 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.