Guideline Value for NEHRU STREET

Nehru Street guideline value

The current guideline value of Nehru Street in Arumbakkam village, under the Kodambakkam SRO, is Rs 5,000 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Nehru Street has changed

The guideline value for Nehru Street has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 688 per sq.ft. This increased to Rs 758 per sq.ft in 2003, marking a 10% rise. The value saw a significant jump to Rs 1,750 per sq.ft in 2007, an increase of 131%. In 2012, the value was Rs 4,600 per sq.ft, reflecting a 163% increase from the previous revision. However, it dropped to Rs 3,082 per sq.ft in 2017, a decrease of 33%.

From 2017 to 2023, the guideline value rose sharply to Rs 4,600 per sq.ft, which is a 49% increase. The most recent revision in 2024 set the value at Rs 5,000 per sq.ft, a 9% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 627%. There are no figures available for any other years for this street.

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 for these streets is Rs 6,000 per sq.ft, placing Nehru Street's 2024 figure below that median.

• Nehru Street Ist Lane: Rs 4,400 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

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty would be 7% of this value, amounting to Rs 3,50,000, while the registration fee would be 2%, totaling Rs 1,00,000. Therefore, the total cost for stamp duty and registration would be Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nehru Street?

The Sub Registrar Office that covers Nehru Street 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 plays a crucial role 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 must be paid to the government during the transaction.

When a property is registered, the guideline value is assessed, and the applicable duties are calculated based on this value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 688 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, which is an overall increase of 627%.

What is the stamp duty rate for property in Nehru Street?

The stamp duty rate for property in Nehru Street is 7% of the guideline value or the sale price, whichever is higher.

What is the registration fee for property transactions?

The registration fee for property transactions in Nehru Street is 2% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for Nehru Street?

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