Guideline Value for Nehru Colony 15th Street

Nehru Colony 15th Street guideline value

The current guideline value of Nehru Colony 15th Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Nanganallur village under the Alandur SRO, classified as Commercial Class I Type - II.

How the guideline value of Nehru Colony 15th Street has changed

The guideline value for Nehru Colony 15th Street has seen several revisions over the years. In 2002, the value was Rs 319 per sq.ft, which increased to Rs 417 per sq.ft in 2003, marking a rise of 31%. Following this, the value surged to Rs 1,200 per sq.ft in 2007, reflecting an increase of 188%. The 2012 revision set the value at Rs 4,500 per sq.ft, a significant jump of 275% from the previous figure. However, this was followed by a decrease to Rs 3,015 per sq.ft in 2017, which represented a decline of 33%. The guideline value then increased to Rs 4,500 per sq.ft in 2023, and the most recent revision in 2024 raised it to Rs 5,000 per sq.ft, an increase of 11%.

Overall, from 2002 to 2024, the guideline value has increased by 1,467%. Notably, there are no figures available for the years not mentioned in the revisions for this street.

Guideline values in Nanganallur

Nanganallur has a total of 155 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 6,600 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value for Nehru Colony 15th Street is above this median.

• Nehru Colony 15th Cross Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 16th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 14th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 17th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 14th Cross Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 18th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Colony 15th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total fees to Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nehru Colony 15th Street?

The Sub Registrar Office that covers Nehru Colony 15th Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nanganallur. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the correct revenue from property sales.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Nehru Colony 15th Street?

The current guideline value of Nehru Colony 15th 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 from Rs 319 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 1,467% over this period.

What is the classification of Nehru Colony 15th Street?

Nehru Colony 15th Street is classified as Commercial Class I Type - II under the Alandur SRO.

What are the stamp duty rates for properties in Nehru Colony 15th Street?

The stamp duty rate for properties in Nehru Colony 15th Street is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Nehru Colony 15th Street located?

The Sub Registrar Office for Nehru Colony 15th Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.