Guideline Value for Nehru Nagar (S.No.299/2E)

Nehru Nagar (S.No.299/2E) guideline value

The current guideline value of Nehru Nagar (S.No.299/2E) is Rs 4,400 per sq.ft, effective from 1 July 2024. This property is located in Velachery village, falling under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Nehru Nagar (S.No.299/2E) has changed

The guideline value of Nehru Nagar has seen several revisions over the years. In 2003, the guideline value was Rs 178 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2007. Following this, the value rose to Rs 4,000 per sq.ft in 2012, before dropping to Rs 2,680 per sq.ft in 2017. The value then surged to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft as of the 2024 revision. The register has no figure for this street in 2002.

Between the revisions, notable changes include a 743% increase from 2003 to 2007, a 167% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024. Overall, from 2003 to 2024, there has been an increase of 2372% in the guideline value.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which matches the guideline value of Nehru Nagar (S.No.299/2E).

• Nehru Nagar Sathiyavani Muthu Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Sathiyamurthi Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Thiruvalluvar Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Thiru. V.K. Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Veerapandia Kattabomman Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Veera Vanchinathan Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar (S.No.299/2E)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 accurate calculations based on your property details.

Which Sub Registrar Office covers Nehru Nagar (S.No.299/2E)?

The Sub Registrar Office that covers Nehru Nagar (S.No.299/2E) is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a critical factor during the registration of property transactions in Velachery. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to consider the guideline value as it affects the overall cost of the transaction. Buyers should be aware that the stamp duty and registration fees will be calculated based on the higher of the guideline value or the agreed sale price.

Frequently asked questions

What is the current guideline value of Nehru Nagar (S.No.299/2E)?

The current guideline value of Nehru Nagar (S.No.299/2E) is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 178 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, showing a significant overall increase of 2372% over this period.

What is the land classification for Nehru Nagar (S.No.299/2E)?

The land classification for Nehru Nagar (S.No.299/2E) is Residential Class II Type - II.

What are the stamp duty and registration fees for property in Nehru Nagar?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Nehru Nagar (S.No.299/2E)?

The Velacheri Sub Registrar Office handles registrations for Nehru Nagar (S.No.299/2E), located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.