Guideline Value for Nehru Avenue

Nehru Avenue guideline value

The current guideline value of Nehru Avenue, located in Kodambakkam village under the Ashok Nagar SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Nehru Avenue has changed

The guideline value for Nehru Avenue has seen several revisions over the years. In 2007, the value was Rs 1,460 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, it then decreased to Rs 3,350 per sq.ft in 2017. The value rose again to Rs 5,000 per sq.ft in 2023, and most recently, it has increased to Rs 5,500 per sq.ft in 2024, marking a 10% rise from the previous year.

From 2007 to 2024, the overall increase in guideline value is 277%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 4,900 per sq.ft, placing Nehru Avenue's 2024 figure above this median.

• Nedunchezian Street: Rs 3,300 per sq.ft (2024)
• Nayakkamar Street: Rs 6,600 per sq.ft (2024)
• Navarathina Colony: Rs 3,300 per sq.ft (2024)
• Navalar Nedunchezian Street: Rs 3,300 per sq.ft (2024)
• Nehru Nagar Main Road,Nesappakkam: Rs 2,700 per sq.ft (2024)
• Navabharath Colony S.No. 300/4: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. 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 Avenue?

The Sub Registrar Office that covers Nehru Avenue is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Kodambakkam. It serves as a reference point for determining the stamp duty and registration fees that must be paid, ensuring that the transaction is recorded accurately in the official register.

Frequently asked questions

What is the current guideline value of Nehru Avenue?

The current guideline value of Nehru Avenue is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,460 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, with various revisions in between, including a notable increase from Rs 5,000 in 2023 to Rs 5,500 in 2024.

What is the land classification for Nehru Avenue?

Nehru Avenue is classified as Residential Class III Type - I, indicating its designation for residential purposes.

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

The Sub Registrar Office for Nehru Avenue is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Nehru Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at the rate of 7%.