Guideline Value for Nehru Colony 1st Street

Nehru Colony 1st Street guideline value

The current guideline value of Nehru Colony 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nanganallur village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of Nehru Colony 1st Street has changed

The guideline value for Nehru Colony 1st Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 359 per sq.ft. This increased to Rs 408 per sq.ft in 2003, followed by a significant rise to Rs 700 per sq.ft in 2007. The value then jumped to Rs 3,000 per sq.ft in 2012, but dropped to Rs 2,010 per sq.ft in 2017. The 2023 revision set the value at Rs 3,000 per sq.ft, and the most recent 2024 revision increased it to Rs 3,300 per sq.ft.

In terms of percentage changes, the guideline value increased by 14% from 2002 to 2003, followed by a 72% rise from 2003 to 2007. The value surged by 329% from 2007 to 2012, but then saw a decrease of 33% from 2012 to 2017. A substantial increase of 49% occurred from 2017 to 2023, and the latest revision from 2023 to 2024 reflects a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 819%.

Guideline values in Nanganallur

Nanganallur village has a total of 155 streets under the Alandur SRO, with guideline values ranging from Rs 2,800 to Rs 6,600 per sq.ft as of 2024. The median guideline value for these streets is Rs 3,900 per sq.ft, placing Nehru Colony 1st Street's 2024 value below this median.

• Nehru Colony 19th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 20th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 18th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 21st Street: Rs 5,000 per sq.ft (2024)
• Nehru Colony 17th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 22nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, leading to a total of Rs 2,97,000. 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 precise calculations.

Which Sub Registrar Office covers Nehru Colony 1st Street?

The Sub Registrar Office that covers Nehru Colony 1st 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 more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Nanganallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable stamp duty. This ensures that both the buyer and seller are aware of the legal and financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Nehru Colony 1st Street?

The current guideline value of Nehru Colony 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nehru Colony 1st Street has changed from Rs 359 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 819% over the years.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Which office handles registrations for Nehru Colony 1st Street?

The Alandur Sub Registrar Office is responsible for handling registrations for Nehru Colony 1st Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the median guideline value in Nanganallur?

The median guideline value for streets in Nanganallur is Rs 3,900 per sq.ft as of 2024, which means Nehru Colony 1st Street's guideline value is below this median.