Guideline Value for Nehru Nagar 1st Main Road

Nehru Nagar 1st Main Road guideline value

The current guideline value of Nehru Nagar 1st Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Nehru Nagar 1st Main Road has changed

Over the years, the guideline value for Nehru Nagar 1st Main Road has seen several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft, which was a decrease of 33% from the Rs 2,345 per sq.ft recorded in the 2017 revision. The value remained at Rs 3,500 per sq.ft until the 2023 revision, which increased it to Rs 3,500 per sq.ft, reflecting a significant increase of 49% over the previous figure. The most recent revision in 2024 raised the guideline value to Rs 3,850 per sq.ft, marking a 10% increase from 2023.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 for these streets is Rs 4,400 per sq.ft, placing Nehru Nagar 1st Main Road's 2024 figure below that median.

• Nehru Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Nehru Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nehru Nagar 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, resulting in a total cost of Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Nehru Nagar 1st Main Road?

The Sub Registrar Office that covers Nehru Nagar 1st Main Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Velachery. When you buy or sell property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration. This ensures that the transaction is recorded accurately and legally.

Additionally, the guideline value serves as a benchmark for property transactions, helping to establish a fair price for both buyers and sellers. It reflects the official valuation set by the Registration Department, which is essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Nehru Nagar 1st Main Road?

The current guideline value of Nehru Nagar 1st Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

What is the land classification for Nehru Nagar 1st Main Road?

Nehru Nagar 1st Main Road is classified as Residential Class II Type - III, indicating its designation for residential purposes.

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot would incur a total cost of Rs 3,46,500 in fees.

Where is the Sub Registrar Office located for Nehru Nagar 1st Main Road?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, and handles registrations for this area.