Guideline Value for NEHRU STREET

Nehru Street guideline value

The current guideline value of Nehru Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in the Sholinganallur - 1 village under the Neelankarai SRO and is classified as Residential Class II Type - II.

How the guideline value of Nehru Street has changed

The guideline value for Nehru Street has undergone several revisions over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,500 per sq.ft, which was an increase from the previous years without figures. The most recent revision in 2024 saw a further increase to Rs 2,800 per sq.ft, marking a change of +12% from the 2023 figure.

In summary, the guideline value for Nehru Street has moved from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024. This increase reflects the adjustments made in the guideline values for properties in the area.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are a total of 754 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 2,200 per sq.ft. Nehru Street's 2024 guideline value is above this median.

• Nehru 2nd Street: Rs 2,800 per sq.ft (2024)
• Nehru 1st Street: Rs 2,800 per sq.ft (2024)
• Nedunchelian Street: Rs 3,900 per sq.ft (2024)
• Nedunchelian 7th Street: Rs 3,900 per sq.ft (2024)
• Nedunchelian 6th Street: Rs 3,900 per sq.ft (2024)
• Nedunchelian 5th Street: Rs 3,900 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 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees to Rs 2,52,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. 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 Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value plays a crucial role when buying or selling property in Sholinganallur - 1. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. This value is essential for ensuring that the transaction is legally compliant and accurately reflects the property's worth.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Nehru Street?

The current guideline value of Nehru Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nehru Street was Rs 2,500 per sq.ft in 2023 and increased to Rs 2,800 per sq.ft in 2024, reflecting a change of +12%.

What is the land classification for Nehru Street?

Nehru Street is classified as Residential Class II Type - II under the Neelankarai SRO.

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 registration zone.

How is stamp duty calculated for properties in Nehru Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 2,52,000.