Guideline Value for Nehru Nagar 1st Cross Street

Nehru Nagar 1st Cross Street guideline value

The current guideline value of Nehru Nagar 1st Cross Street in Pallipattu village, under the Adayar SRO, is Rs 7,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Special Type - II land classification.

How the guideline value of Nehru Nagar 1st Cross Street has changed

Since the first recorded revision in 2002, the guideline value for Nehru Nagar 1st Cross Street has seen significant changes. The guideline value was Rs 822 per sq.ft in 2002, which increased to Rs 899 per sq.ft in 2003. Following this, there was a substantial rise to Rs 3,500 per sq.ft in 2007, and it reached Rs 7,000 per sq.ft in 2012. However, the value decreased to Rs 4,690 per sq.ft in 2017, before rising again to Rs 7,000 per sq.ft in 2023, and finally to the current value of Rs 7,700 per sq.ft in 2024.

The changes between the revisions are noteworthy. From 2002 to 2003, the increase was +9%. The jump from 2003 to 2007 was +289%. The value then saw a decrease of -33% from 2012 to 2017. The increase from 2017 to 2023 was +49%, followed by a +10% rise from 2023 to 2024. Overall, from 2002 to 2024, there has been a significant increase of +837% in the guideline value.

Guideline values in Pallipattu

In Pallipattu, there are 72 streets under the Adayar SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft, with a median value of Rs 9,400 per sq.ft. The guideline value of Nehru Nagar 1st Cross Street is below this median.

• Nehru Nagar 1st Main Road: Rs 9,400 per sq.ft (2024)
• Nehru Nagar 1st Street: Rs 9,400 per sq.ft (2024)
• Nehru Nagar 2nd Cross Street: Rs 7,700 per sq.ft (2024)
• Nehru Nagar 2nd Main Road: Rs 9,400 per sq.ft (2024)
• Nehru Nagar 2nd Street: Rs 9,400 per sq.ft (2024)
• Nehru Nagar 3rd Main Road: Rs 9,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, leading to a total of Rs 6,93,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar 1st Cross Street?

The Sub Registrar Office that covers Nehru Nagar 1st Cross Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions. It serves as a benchmark for determining 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 in Pallipattu, the guideline value helps both parties understand the financial implications of the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring transparency in the property registration process.

Frequently asked questions

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

The current guideline value of Nehru Nagar 1st Cross Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 822 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of +837% over this period.

What are the other streets in Pallipattu with their guideline values?

Other streets in Pallipattu include Nehru Nagar 1st Main Road, Nehru Nagar 1st Street, Nehru Nagar 2nd Cross Street, Nehru Nagar 2nd Main Road, Nehru Nagar 2nd Street, and Nehru Nagar 3rd Main Road, with values ranging from Rs 7,700 to Rs 9,400 per sq.ft in 2024.

What is the stamp duty rate for properties in Nehru Nagar 1st Cross Street?

The stamp duty rate for properties in Nehru Nagar 1st Cross Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Nehru Nagar 1st Cross Street?

The Sub Registrar Office for Nehru Nagar 1st Cross Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.