Guideline Value for Nehru Colony 8th Street

Nehru Colony 8th Street guideline value

The current guideline value of Nehru Colony 8th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nanganallur village under the Alandur SRO, and it falls under the Residential Class I Type - III land classification.

How the guideline value of Nehru Colony 8th Street has changed

The guideline value for Nehru Colony 8th Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 319 per sq.ft. It increased to Rs 363 per sq.ft in 2003, followed by a significant rise to Rs 700 per sq.ft in 2007. The 2012 revision saw the value remain at Rs 3,000 per sq.ft, but it dropped to Rs 2,010 per sq.ft in 2017. The value then increased to Rs 3,000 per sq.ft in 2023, and finally, it is now Rs 3,300 per sq.ft in 2024. There are no figures available for the revisions in years other than those listed.

In terms of percentage changes, the guideline value increased by 14% from 2002 to 2003, followed by a 93% increase from 2003 to 2007. The value then rose by 329% from 2007 to 2012, but it decreased by 33% from 2012 to 2017. After that, there was a 49% increase from 2017 to 2023, and the most recent change from 2023 to 2024 is an increase of 10%. Overall, from 2002 to 2024, the guideline value has increased by 934%.

Guideline values in Nanganallur

Nanganallur village 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. The median value for these streets is Rs 3,900 per sq.ft, placing Nehru Colony 8th Street's 2024 value below that median.

• Nehru Colony 7th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 9th Cross Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 6th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 9th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony 5th Street: Rs 3,300 per sq.ft (2024)
• Nehru Colony Main Road: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Colony 8th 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, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the 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 Colony 8th Street?

The Sub Registrar Office covering Nehru Colony 8th 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. Buyers and sellers must consider the guideline value to ensure compliance with registration requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the fees are based on a fair valuation of the property, reflecting its worth as determined by the authorities.

Frequently asked questions

What is the current guideline value of Nehru Colony 8th Street?

The current guideline value of Nehru Colony 8th 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 has changed multiple times, starting from Rs 319 per sq.ft in 2002 to the current value of Rs 3,300 per sq.ft in 2024. The revisions have seen both increases and decreases at various intervals.

What is the land classification for Nehru Colony 8th Street?

Nehru Colony 8th Street is classified as Residential Class I Type - III. This classification indicates the type of development permissible in the area.

Where can I find the Sub Registrar Office for Nehru Colony 8th Street?

The Sub Registrar Office for Nehru Colony 8th Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Nehru Colony 8th Street?

Stamp duty for properties in Nehru Colony 8th Street is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.