Guideline Value for Nehru Nagar 1st Street

Nehru Nagar 1st Street guideline value

The current guideline value of Nehru Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Ambattur village, under the Ambattur SRO, and is classified as Residential Class IV Type - I.

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

The guideline value for Nehru Nagar 1st Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. This was a decline of 33%. However, the value increased significantly to Rs 2,000 per sq.ft in 2023 and further rose to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year.

When looking at the overall change from 2012 to 2024, there has been a 10% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ambattur

In Ambattur, there are 448 streets under the Ambattur SRO that carry a 2024 guideline value, ranging from Rs 1,400 to Rs 8,209 per sq.ft, with a median value of Rs 3,600 per sq.ft. The guideline value of Nehru Nagar 1st Street is below this median.

• Nehru Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Nehru Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Nehru Nagar 4rd Street: Rs 2,200 per sq.ft (2024)
• Nehru Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Nathela sampath chetty Street: Rs 4,000 per sq.ft (2024)
• Nethaji Street (Ramapuram): Rs 3,600 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nehru Nagar 1st Street?

The Sub Registrar Office that covers Nehru Nagar 1st Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Ambattur. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value ensures that the transaction is recorded accurately, reflecting the value of the property as determined by the Registration Department. This helps maintain transparency and standardization in property dealings.

Frequently asked questions

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

The current guideline value of Nehru Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 in 2023, and finally to Rs 2,200 in 2024. This reflects a significant increase over the last few years.

What is the land classification for Nehru Nagar 1st Street?

Nehru Nagar 1st Street is classified as Residential Class IV Type - I, which indicates its designated use for residential purposes.

What are the registration fees for property in Nehru Nagar 1st Street?

The registration fees include a stamp duty of 7% and a registration fee of 2%, calculated based on the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Nehru Nagar 1st Street is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.